Chola Financial posts 6% increase in Q3 profit

Total income climbs 7% to ₹3,645 cr.

Cholamandalam Financial Holdings Ltd. (CFHL) reported a 6% increase in its consolidated net profit for the third quarter ended December to ₹455 crore.

Total income rose 7% to ₹3,645 crore. However, on a standalone basis, CFHL reported a loss of ₹3.48 crore compared with a net profit of ₹39.36 crore a year earlier due to interest costs recognised on the borrowing made for ‘equity investment in a subsidiary company’, it said in a regulatory filing.

Cholamandalam Investment & Finance Co. Ltd. disbursed ₹7,926 crore compared with ₹7,475 crore and posted a net profit of ₹409 crore (₹389 crore). Assets under management grew 15% to ₹75,813 crore.

Insurance arm Cholamandalam MS General Insurance Co. Ltd. registered a Gross Written Premium of ₹1,274 crore (₹1,207 crore). Net profit remained flat at ₹46 crore. Cholamandalam MS Risk Services Ltd. recorded total income of ₹13.32 crore (₹12.42 crore). Net profit rose to ₹3.57 crore (₹1.29 crore). CFHL’s board also approved the issue of non-convertible debentures of up to ₹200 crore on a private placement basis.

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