Cholamandalam Investment and Finance Company (Chola), component of more than Rs 38,000-crore Murugappa Group, on Friday reported a profit soon after tax (PAT) of Rs 409 crore for the third quarter of FY21, compared with Rs 389 crore in the year-ago period, recording a development of 5%. Total revenue rose 10% to Rs 2,505 crore, against Rs 2,275 crore.
Aggregate disbursements in Q3 have been at Rs 7,926 crore, compared with Rs 7,475 crore, registering a development of 6%. The automobile finance company clocked a volume of Rs 6,084 crore, against Rs 5,949 crore, an boost of 2%. The loan against house company disbursed Rs 1,265 crore, against Rs 908 crore, with a development price of 39%. The household loan company grew at 8%, disbursing Rs 434 crore compared with Rs 400 crore.
Assets below management at the finish of December grew 15% to Rs 75,813 crore, compared to Rs 65,992 crore a year ago. Chola in a statement mentioned the business continues to hold sturdy liquidity position with Rs 6,228 crore as money balance as of December 31, 2020, such as Rs 1,500 crore invested in GSec.
The asset excellent represented by Stage 3 assets stood at 2.57% with a provision coverage of 44.94%, as against 3.54% with a provision coverage of 32.95%. Chola continues to carry extra provision of Rs 751 crore for future contingencies.