Cholamandalam posts Rs 307-crore profit in Q2

Wednesday 6th November, 2019

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Cholamandalam posts . 3307-crore profitin Q2 OUR BUREAU Chennai, November 5 Murugappa Groups NBEC, Cholamandalam Investment and Finance Company Ltd (Cr FCL), has announced that Arun Alagappan has been elevated as the Managing Director of the company. He has been serving as Executive Director at Cholamandalam from August 19, 2017. The company's board, at a meeting on Tuesday, approved the appointment of Alagappan for five years effective November 15. The company's net profit for the quarter ended September 30, 2019, grew marginally to 307 crore, when compared to X305 crore in the year-ago quarter. Profit before tax grew 14 per cent to 523 crore, when compared to 460 crore. Total expenses were higher at T216 crore against X155 crore in the year-ago quarter. Total income from operations stood at 2197 crore,againstx1,676 crore, posting a growth of 31 per cent. Total disbursements saw an increase of 7 per cent at 7,381 Arun Alagappan, who has been elevated as the NBFC''s Managing Director crore (36,899 crore). It disbursed 5,796 crore in vehicle business, against 5609 crore in a year-ago period, an increase of 3 per cent, mainly due to the stagnation in the industry volumes during the September 2019 quarter. "We were able to register a growth of 7 per cent in our disbursements in spite of the severe slowdown in the market. "In vehicle finance, since there was slow down in commercial vehicle space, we increased our focus on the refinance and passenger vehicle segments to sustain growth momentum. We are positive on the outlook for the rest of the year," said Alagappan.