CIFCL Q2 Performance
Disbursements up by 6%, PAT up by 29%

 

Chennai, Oct 29, 2013: During the quarter the disbursements in vehicle finance were flat while disbursements in home equity loans grew by 34% compared to the same period last year.

The Company disbursed rs2138 Cr. in Vehicle Finance as against rs2142 Cr. in Q 2 of 2012 – 13 and disbursed rs675 Cr. in Home Equity loans as against rs505 Cr. in Q 2 of 2012 – 13. Disbursements from new businesses were rs15 Cr. for the quarter. The aggregate disbursements of the Company for the quarter are rs2828 Cr. as against rs2662 Cr. in Q 2 of 2012 – 13 registering a growth of 6%.

Total Income is rs809 Cr. compared to rs606 Cr. in Q 2 of 2012 -13 registering a growth of 33%.

Profit before tax is rs135 Cr. as against rs103 Cr. in Q 2 of 2012 -13 registering a growth of 31%. Profit after tax is rs90 Cr. as against rs70 Cr. in Q 2 of 2012 -13 registering a growth of 29%.

Half year ended 30th September 2013 – Performance Highlights

During the half year disbursements in vehicle finance grew by 14% and disbursements in home equity loans grew by 34% compared to the same period last year. The company disbursed rs4746 Cr. in Vehicle Finance as against rs4168 Cr. in half year ended 30th Sept 2012 and disbursed rs1337 Cr. in Home Equity loans as against rs998 Cr. in half year ended 30th Sept 2012. Disbursements from new businesses were rs23 Cr. for period ended Sept 13. The aggregate disbursements of the Company for the 6 months ended are rs6106 Cr. as against rs5197 Cr. registering a growth of 17%.

Total Income is rs1571 Cr. compared to rs1164 Cr. for half year ended 30th September 2012 registering a growth of 35%.

Profit before tax is rs273 Cr. as against rs206 Cr. for half year ended 30th September 2012registering a growth of 33%. Profit after tax is rs181 Cr. as against rs140 Cr. for half year ended 30th September 2012 registering a growth of 29%.

Financial Performance – Summary

Rs in Cr.
2012-13 Particulars 2013 – 14 Q-o-Q Y-o-Y
Q – 2 Half Yr Q – 2 Half Yr Growth % Growth %
2,662 5,197 Disbursements 2,828 6,106 6% 17%
606 1,164 Income 809 1,571 33% 35%
103 206 Profit Before Tax 135 273 31% 33%
70 140 Profit After Tax 90 181 29% 29%
  • The Company expanded its presence to 529 branches as on 30th September 13 compared to 518 branches as on 31st March 2013. The additional branches are in Tier III and Tier IV locations across India.

  • Capital adequacy ratio stands at 17.11% compared to statutory minimum of 15%.

Portfolio Quality

With a vigorous focus on portfolio quality, the Company maintained GNPA at 1.4% and NNPA at 0.4%. Provision coverage remains at a healthy 73%

Subsidiaries Performance

The wealth management business constituting Chola Securities and Chola Distribution Services made a profit of rs1.74 Cr. during the period compared to a loss of rs0.23Cr. for half year ended 30th September 2012.

Consolidated Results

The consolidated profit after tax for the half year ended 30th Sept 2013 was rs183 Cr. as against a PAT of rs139 Cr. for half year ended 30th September 2012 registering a growth of 32%.

About Murugappa Group

Founded in 1900, the INR 225 Billion Murugappa Group is one of India’s leading business conglomerates. The Group has 28 businesses including eleven listed Companies 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., Sabero Organics Ltd., Shanthi Gears 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, 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.