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Cholamandalam DBS first quarter results
shows growth of 176 per cent in revenue
Chennai, 30th July, 2007: Cholamandalam
DBS Finance Limited records a growth of 176 per cent in revenue
over the corresponding period last year. The revenue stands at Rs.168
crores during the quarter April – June, 2007 as against Rs.61
Crores during the same period in the previous financial year.
The company posted a growth of 132 per cent in total disbursements during
the period April – June, 2007 over the corresponding period
of the previous year. The disbursements were at Rs.995.70 crores,
up from Rs.428.52 crores during the same period last year. The disbursements
of vehicle finance grew by 39 per cent over the previous year and the rest
of the growth was from the new businesses of personal loans and
home equity.
Profit Before Tax (PBT) was up by 139 per cent at Rs.13.20 crores as compared
to Rs.5.52 crores during the same period in the year 2006. Profit
After Tax (PAT) was up by 137 per cent at Rs.8.36 crores as compared to
Rs.3.53 crores during the same period in the year 2006. The growth
in profits is after accounting for all expenses of the new business
of personal loans and home equity loans.
Cholamandalam DBS Finance Limited, launched its Personal loans business
in January 2006 at Chennai, Bangalore, Hyderabad and Coimbatore.
Today the Personal loans business operates from 24 cities through
exclusive neighbourhood Branches across India. These branches are
in addition to the existing branches of vehicle finance business.
Home Equity loans business was launched in October 2006 in Chennai,
Bangalore, Hyderabad and Coimbatore and now is available in 11 cities.
Cholamandalam DBS plans to offer the product across India in the
next 6 months from its vehicle finance and personal loans locations.
Speaking on the occasion, Mr. Atul Pande, Managing Director said
"Our First Quarter results are a testimony to the fact that
our changing product mix is now starting to have its impact on the
revenue flow of the company. The company today is acquiring more
than 20,000 new customers every month across all its product categories.
Personal loans business is now being conducted through 55 branches
and home equity business has been extended to 11 locations. Vehicle
finance business is demonstrating excellent growth behind continued
expansion in the used vehicles segment. Our Wealth Management platform
is now being consolidated and we are making significant investments
in infrastructure to enhance our service delivery further. We expect
to continue building on these growth initiatives in the coming months,
to build an integrated financial services platform to service our
customers' requirements.”
About Cholamandalam DBS Finance
Limited
Cholamandalam DBS is a joint venture between the Murugappa Group
and DBS Bank of Singapore. The Company, along with its subsidiaries
and affiliates offers individual and institutional customers a range
of financial services such as, Personal Loans, Vehicle Finance,
Home Equity Loans, Capital Market Finance, Corporate Finance, Mutual
Funds, Securities Broking and Distribution of Investment and Insurance
products. The Company’s shares are listed on Bombay (BSE) and
National (NSE) stock exchanges.
About the Murugappa Group
Headquartered in Chennai, the USD $2 billion (Rs.8500 crore) Murugappa
Group is India’s leading business conglomerate. Market leaders
in diverse areas of business including engineering, abrasives, finance,
general insurance, sanitaryware, cycles, sugar, farm inputs, fertilizers,
plantations, bio-products and nutraceuticals, its 29 registered
companies have manufacturing facilities spread across 12 states
in India. The organization fosters an environment of professionalism
and has a workforce of over 28,000 employees.
The Group has forged strong joint venture alliances
with leading international companies like Roca, Cargill, Cerdak,
DBS Bank, Mitsui Sumitomo and Groupe Chimique Tunisien and has consolidated
its status as one of the fastest growing diversified business houses
in India.
About DBS
Headquartered in Singapore, DBS Group Holdings Ltd is the holding
company of DBS Bank and is one of the largest companies in terms
of market capitalisation whose shares are listed on the Singapore
Exchange. DBS Group and its subsidiaries form one of the largest
banking groups in the region in terms of shareholders' funds and
total assets as at 31 December 2006, being approximately SGD18.7
billion (USD12.2 billion) and approximately SGD197.4 billion (USD129
billion). DBS is a leading bank in Hong Kong. Beyond the anchor
markets of Singapore and Hong Kong, DBS serves corporate, institutional
and retail customers through its operations in Thailand, Malaysia,
Indonesia, India, China and The Philippines. The Bank's credit ratings
are one of the highest among banks competing in the Asia-Pacific
region, and in Singapore.
For further information, please
contact:
Mr. Atul Pande
Managing Director
Cholamandalam DBS Finance Limited
Tel: 044-25307172
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