Chennai, 30 July 2012: Q1 has been a good quarter for the Company, with disbursements growing in vehicle finance by 56% and in home equity loans by 33% compared to the same period last year.
The Company disbursed Rs.2026 Crores in Vehicle Finance (as against Rs.1302 Crores in Q-1 of 2011–12) and disbursed Rs.493 Crores in Home Equity loans (as against Rs.370 Crores in Q-1 of 2011–12). The newly launched Gold Loan disbursed Rs.16 Crores during the quarter. The aggregate disbursements of the Company for the quarter are Rs.2535 Crores (as against Rs.1672 Crores in Q-1 of 2011-12) registering a growth of 52%.
During the quarter, Vehicle Finance assets under management has crossed Rs.10,000 Crores and total assets under management for the Company has crossed Rs.15,000 Crores.
Total Income from operations was Rs.558.07 Crores (as against Rs.381.41 Crores in Q-1 of 2011-12) registering a growth of 46%.
Profit before tax is Rs.102.89 Crores (as against Rs.62.70 Crores in Q-1 of 2011-12) registering a growth of 64%. Profit after tax is Rs.69.65 Crores (as against Rs.37.88 Crores in Q-1 of 2011-12) registering a growth of 84%.
Financial performance - Summary :
The wealth management business constituting Chola Securities and Chola Distribution Services had made a loss of Rs.0.35 Crores during the quarter compared to a loss of Rs.0.49 Crores in Q–1 of 2011-12
Cholamandalam Factoring Limited made a profit of Rs.0.51 Crores during the quarter compared to a loss of Rs.57 Crores in Q-1 of 2011-12.
The consolidated profit after tax for the period ended 30th June 2012 was Rs.69.81 Crores (as against a PAT of Rs.32.36 Crores in the previous year) registering a growth of
The Company has retained its Asset Financing Company status as on 31st March 2012 in line with RBI guidelines.
About the Murugappa Group
Founded in 1900, the Rs. 22314 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.