CIFCL: Continued Good Performance in
Q4 Disbursements up by 33%, PAT up by 59%

 

Chennai, 26 April 2013 : Q4 has been a good quarter for the Company, with disbursements in vehicle finance growing by 32% and disbursements in home equity loans growing by 42% compared to the same period last year.

The Company disbursed rs3140 Crore in Vehicle Finance as against rs2370 Crore in Q 4 of 2011 – 12 and disbursed rs639 Crore in Home Equity loans as against rs448 Crore in Q 4 of 2011 – 12. Gold Loan disbursements were rs14 Crore for the quarter as against rs54 Crore in Q 4 of 2011 – 12. Home Loan disbursements were rs2 Crore for the quarter. The Company launched its Corporate Finance loan business during the later part of the quarter and disbursed rs13 Crore in this regard. The aggregate disbursements of the Company for the quarter are rs3808 Crore as against rs2872 Crore in Q 4 of 2011 – 12 registering a growth of 33%.

The Company issued and allotted 1,05,26,315 Equity Shares at a price of rs285 per Equity Share (face value of rs10 per Equity Share and premium of rs275 per Equity Share) aggregating to rs300 Crore in the month of Feb 2013. The issue had 21 investors constituting FII, Mutual Funds, Insurance Companies and Private Equity Funds contributing to the issue.

Total Income is rs726 Crore compared to rs523 Crore in Q 4 of 2011 -12 registering a growth of 39%.

Profit before tax is rs122 Crore as against rs91 Crore in Q 4 of 2011 -12 registering a growth of 34%. Profit after tax is rs86 Crore as against rs54 Crore in Q 4 of 2011 -12 registering a growth of 59%.

FY – 13 – Performance Highlights

The Company disbursed rs9882 Crore in Vehicle Finance as against rs7307 Crore in FY – 12, disbursed rs2161 Crore in Home Equity loans as against rs1528 Crore in FY – 12 and Gold Loan disbursements were at rs59 Crore as against rs54 Crore in FY – 12. The newly launched business which started in the H2 of FY -13 includes home loans vertical disbursements of rs3 Crore and Corporate Finance disbursements of rs13 Crore The aggregate disbursements of the Company for the FY – 13 is rs12,118 Crore as against rs8,889 Crore in FY- 12 registering a growth of 36%.

Total Income is rs2556 Crore compared to rs1788 Crore in FY 12 registering a growth of 43%.

Profit before tax is rs451 Crore as against rs290 Crore in FY – 12 registering a growth of 55%.

Profit after tax is rs307 Crore as against rs173 Crore in FY – 12 registering a growth of 78%.

Financial Performance – Summary

2011 – 12

Particulars

2012 – 13

Q-o-Q

Y-o-Y

Q – 4

FY

Q – 4

Full Year

Growth

Growth

Actuals

Actuals

Actuals

(%)

(%)

2,872 8,889 Disbursements 3,808 12,118 33% 36%
523 1,788 Total Income 726 2,556 39% 43%
103 324 Profit before Tax and Exceptional Items 122 451 19% 39%
(12) (33) Exceptional Items
91 290 Profit Before Tax 122 451 34% 55%
54 173 Profit After Tax 86 307 59% 78%
  • The Company has expanded its presence to 518 branches as on 31st March 2013 compared to 375 as on 31st March 2012. The additional branches are in Tier III and Tier IV locations across India.

  • The Company raised Tier II capital of rs698 Crore during the FY -13 by way of subordinated debt and perpetual debt instruments to strengthen its capital adequacy ratio.

  • Capital adequacy ratio stands increased to 19.04% compared to 18.08% in Mar 12.

Subsidiaries Performance

The wealth management business constituting Chola Securities and Chola Distribution Services had made a profit of rs1 Crore during the year compared to a loss of rs3 Crore in FY – 12.

Cholamandalam Factoring Limited (CFACT) made a profit of rs1 Crore during the year compared to a loss of rs61 Crore in FY – 12.

Consequent to the approval of the Boards of both the companies for amalgamation of CFACT with the Company, CFACT has filed the Scheme of Amalgamation and other relevant applications with Honorable High Court of Judicature at Madras for necessary Orders.

Consolidated Results

The consolidated profit after tax for the year was rs308 Crore as against a PAT of rs169 Crore in FY – 12 registering a growth of 82%.

Others

The Board has recommended a final dividend of rs1/- per share (10% on the face value of rs10/- per share) to its equity shareholders.

About Murugappa Group

Founded in 1900, the rs22314 Crores (USD 4.4 billion) Murugappa Group is one of India’s leading business conglomerates. The Group has 28 businesses including eight listed Companies actively traded in NSE & BSE. Headquartered in Chennai, the major Companies of the Group include Carborundum Universal Ltd., Cholamandalam Investment and Finance Company Ltd., Cholamandalam MS General Insurance Company Ltd., Coromandel International Ltd., Coromandel Engineering Company Ltd., E.I.D. Parry (India) Ltd., Parry Agro Industries Ltd., Tube Investments of India Ltd., and Wendt (India) Ltd.

Market leaders in served segments including Abrasives, Auto Components, Cycles, Sugar, Farm Inputs, Fertilizers, Plantations, Bio-products and Nutraceuticals, the Group has forged strong alliances with leading international companies like Groupe Chimique Tunisien, Foskor, Cargill, Mitsui Sumitomo, Morgan Crucible and Sociedad Química y Minera de Chile (SQM). The Group has a wide geographical presence spanning 13 states in India and 5 continents.

Renowned brands like BSA, Hercules, Ballmaster, Ajax, Parry’s, Chola, Gromor and Paramfos are from the Murugappa stable. The organization fosters an environment of professionalism and has a workforce of over 32,000 employees.