Cholamandalam Investment declares Q1FY24 results, PAT rises 26% YoY

Cholamandalam Investment and Finance Company Ltd reported unaudited financial results for the quarter that ended in June 2023 or Q1FY24 on July 29, 2023. The company also reported it has plans to raise a total of Rs 38,000 crores through the issuance of secured/unsecured redeemable non-convertible debentures on a private placement basis. Additionally, they intend to issue equity shares and/or convertible securities through Qualified Institutions Placement (QIP) to eligible institutional buyers aiming to raise up to Rs 4,000 crores in one or more tranches. Further details about these issuances will be disclosed at the time of allotment of securities.  

Talking about the financials for Q1FY24 on a consolidated basis in comparison to the same quarter last year, the company’s net profit for the first quarter which ended on June 30, 2023, increased by 26.32% to Rs 709.94 crore from Rs 562.01 crore. In Q1FY24, the company’s total interest earned increased by 47.40% from Rs 2612.5 crore to Rs 3850.84 crore in a similar quarter the year prior. In Q1FY24, the company’s total net revenue increased by 49.17% from Rs 2795.91 crore to Rs 4170.79 crore in a similar quarter the year prior.       

Sequentially the company’s net profit for the quarter which ended on June 30, 2023, declined by 16.99% from Rs 855.20 crore. In Q1FY24, the company’s total net revenue increased by 8.77% from Rs 3834.57 crore in the similar quarter the year prior. Company business AUM stands at Rs 1,14,791 crore in Q1 FY24 registering a growth of 40%. Company GNPA stands at 4.30% in June 23 as against 6.31% in June 22 and NNPA stands at 2.77% in June 23 against 4.85% in June 22. 

In the last trading session, the scrip closed at Rs 1130.65. Today it opened at Rs 1095 and closed at Rs 1104, down by 2.36%. It has 52-week high at Rs 1214.60 and it has a 52-week low of Rs 658. The company has a market cap of around Rs 90,780 crore. Over the past one year, it has given a staggering return of 45.48%.     

Cholamandalam Investment & Finance Company is one of the premier diversified non-banking finance companies in India, engaged in providing vehicle finance, home loans and Loan against property. 

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