Cholamandalam Investment and Finance Q1 net up 84% at Rs 69.65 crore

CHENNAI: Cholamandalam Investment and Finance Company, part of Murugappa Group, today reported a 84 per cent increase in net profits at Rs 69.65 crore for the first quarter ending June 30, 2012.

The Chennai-based company had made a net profit of Rs 37.88 crore during the corresponding period last year.

The total income of the company for the first quarter grew by 46 per cent to Rs 558.07 crore from Rs 381.41 crore during the same period of last year.

The company disbursed Rs 2,026 crore in vehicle finance as against Rs 1,302 crore in first quarter of last year.

It disbursed Rs 493 crore in home equity loans in the reported period as against Rs 370 crore in the same period last year.

The newly launched gold loan business, disbursed Rs 16 crore during the quarter, it said.

The aggregate disbursements of the company for the quarter was Rs 2,535 crore as against Rs 1,672 crore in first quarter of last year, registering a growth of 52 per cent.

During the quarter, vehicle finance assets under management has crossed Rs 10,000 crore and total assets under management of the company crossed Rs 15,000 crore, the statement added.