Cholamandalam Q1 disbursements grew 45% to Rs 7,014 cr

By NT Bureau Published on Jul 31, 2018 04:18 PM IST

Chennai: The Board of Directors of Cholamandalam Investment and Finance Company Limited have approved its un-audited financial results for the quarter which stated that disbursements grew by 45 per cent and profit after tax grew by 36 per cent.

The Company has adopted Indian Accounting Standards (Ind AS) for FY19 with Ind AS compliant comparatives for FY18. Accordingly figures for previous years/periods have been recast and reviewed by Statutory Auditors as per new Accounting Standards

A release from the firm stated that aggregate disbursements for the quarter were at Rs 7,014 crore as against Rs 4,853 crore in Q1 of FY18, registering a growth of 45 per cent, riding on the growth in CV industry.

Vehicle Finance business disbursed Rs 5,665 crore as against Rs 3,819 crore in Q1 of FY18 clocking a growth of 48 per cent YoY. HCV and LCV continued to show strong growth, complemented by Used vehicles.

Assets under management grew by 30 per cent at Rs 46,663 crore compared to the last financial year, which stood at Rs 35,869 crore.

Executive vice chairman and managing director, Cholamandalam Investment and Finance Company Limited, N Srinivasan, will be stepping down, a release said. He will be relieved at the end of business hours on 18 August.