CIFCL – Continued good performance in Q1
Disbursements up by 29%, PAT up by 30%
Chennai, 31 July 2013: Q1 has been a good quarter for Cholamandalam Investment and Finance Co Ltd, with disbursements in vehicle finance growing by 29% and disbursements in home equity loans growing by 34% compared to the same period last year.
The Company disbursed 
2609 Crores in Vehicle Finance as against 2026 Crores in Q1 of 2012 – 13 and disbursed 662 Crores in Home Equity loans as against 493 Crores in Q1 of 2012 – 13. Disbursements from new businesses were 8 Crores for the quarter. The aggregate disbursements of the Company for the quarter are 3279 Crores as against 2535 Crores in Q1 of 2012 – 13 registering a growth of 29%.
Total Income is 762 Crores compared to 558 Crores in Q1 of 2012 -13 registering a growth of 37%.
Profit before tax is 138 Crores as against 103 Crores in Q1 of 2012 -13 registering a growth of 34%. Profit after tax is 91 Crores as against 70 Crores in Q1 of 2012 -13 registering a growth of 30%.
Financial Performance – Summary
| Rs in Cr. | |||
| 2012-13 | Particulars | 2013-14 | Q-o-Q |
| Q – I | Q – I | Growth | |
| 2,535 | Disbursements | 3,279 | 29% |
| 558 | Total Income | 762 | 37% |
| 103 | Profit Before Tax | 138 | 34% |
| 70 | Profit After Tax | 91 | 30% |
-
The Company has expanded its presence to 526 branches as on 30th June 2013 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 17.84% compared to statutory minimum of 15%.
Subsidiaries Performance
The wealth management business constituting Chola Securities and Chola Distribution Services had made a profit of 0.87 Crores during the period compared to a loss of 0.35 Crores in Q1 of 2012 – 13.
Consolidated Results
The consolidated profit after tax for the period ended 30th June 2013 was 92 Crores as against a PAT of 70 Crores in Q1 of 2012 – 13 registering a growth of 32%.
Others
CARE Ratings has upgraded our subordinated debt from CARE AA- to CARE AA and CARE A+ to CARE AA – for perpetual debt instrument.
Considering the current environment, the Company has maintained GNPA at 1.12% and NNPA at 0.25%, provision coverage is at 78%.
The Hon’ble High Court of Judicature at Madras vide its Order dated April 26, 2013, approved the Scheme of Amalgamation of the Company’s wholly owned subsidiary M/s.Cholamandalam Factoring Limited (CFACT) with the Company with effect from April 01, 2012 (the Appointed Date). Effective 24th May 2013, all formalities with regard to the merger has been completed, the impact of the merger have been taken into consideration in the opening balance as on 1st April 2013.
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.
