Chola Q2 net project flat at Rs307 cr

Wednesday 6th November, 2019

Article Details
Publication  The Financial Express
Source  Bureau
CCM  16.11
Edition  Chennai
Supplement   NA
MAV  16,432
Language  English
Page  10
Circulation  9,000

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xxxxxx FE BUREAU Chennai, November 5 CHOLAMANDALAM INVESTMENT AND Finance Company (Chola), the financial services arm of the Murugappa group, on Tuesday reported a flat net profit at 306.97 crore for the second quarter of FY20 compared to 304.68 crore in the same quarter last fiscal. The total income in Q2 grew to 2,197.01 crore from 1,675.15 crore, registering a growth of 31%. The disbursements for the quarter grew by 7% to 7,381 crore against 6,899 crore. Vehicle finance business vertical clocked a volume of 5,796 crore against 5,609 crore. Arun Alagappan, executive director, Chola, said: "In Q2FY20, we were able to register a growth of 7% in our disbursements over Q2FY19, in spite of Severe slowdown in the market.' Arun Alagappan new MD The board of directors has approved the appointment of Arun Alagappan as the managing director of the company for a period of five years effective November 15.