Cholamandalam Q1 net profit jumps 18 per cent to Rs 110 crore

MUMBAI: Cholamandalam reported 18 per cent jump in profit after tax to Rs 110 crore during the first quarter ended June 30, 2015. During the same period last year, the company had reported a profit of Rs 93 crore.

The company disbursed loans worth Rs 2,588 crore in vehicle finance business as against Rs 2,320 crore. This was a growth of 12 per cent. Home Equity disbursements grew by 16 per cent, from Rs 716 Cr in Q1 FY15 to Rs 831 crore in Q1 FY16.

The company saw disbursements rise rise to Rs 3508 croreore as against Rs 3188 croreore. Chola’s Net Income Margin (NIM) was 8.5 per cent for the quarter, compared to 7.6 per cent in the same quarter of last year.

The company was able to ride out the traditionally difficult first quarter, with a small incroreoreease in GNPA by focusing on recovery. The GNPA is 3.33 per cent (at 5 months’ overdue) and NNPA is 2.08 per cent.