Non-banking finance company Cholamandalam Investment and Finance Company Ltd has reported 30.9 per cent year-on-year increase in standalone profit after tax to Rs 91 crore, led by a robust growth in the net interest income, which was only partially offset by the sharp rise in provisioning requirements.
The consolidated profit after tax for the period ended June 30, 2013, was Rs 92 crore as against a PAT of Rs 70 crore in Q1 FY13, thus registering 32 per cent growth.
Total income stood at Rs 762 crore, compared to Rs 558 crore in Q1 FY13, registering growth of 37 per cent.
The first quarter saw disbursements in vehicle finance grow 29 per cent and disbursements in home equity loans grow 34 per cent, compared to the same period last year. The company disbursed Rs 2,609 crore in vehicle finance as against Rs 2,026 crore in Q1 FY13 and also disbursed Rs 662 crore in home equity loans as against Rs 493 crore in the year-ago period.
Disbursements from new businesses were Rs 8 crore for the quarter. The aggregate disbursements of the company for the quarter was Rs 3,279 crore as against Rs 2,535 crore in Q1 FY13, registering growth of 29 per cent.
Non-performing assets provisions were up fourfold to Rs 58 crore.
The firm counts IFC, Multiples PE and Norwest Venture Partners among its investors.
The wealth management business comprising Chola Securities and Chola Distribution Services made a profit of Rs 0.87 crore during the period, compared to a loss of Rs 0.35 crore in Q1 FY13.
(Edited by Sanghamitra Mandal)