Cholamandalam Investment and Finance Company Ltd has announced a 183.9% increase in its after-tax profit for the quarter ending March 31, 2022 to Rs 690 crore, the company announced on Friday.
The city-based Murugappa Group company recorded an after-tax profit of Rs 243 crore in the corresponding period of the previous financial year.
For the year ending March 31, 2022, profit after tax increased by 41.7% to Rs 2,147 crore from Rs 1,515 crore recorded in the same period a year ago.
Total revenue in the quarter under review rose to Rs 2,632 crore from Rs 2,478 crore recorded in the same quarter of the previous fiscal year. For the financial year ending March 31, 2022, total revenue increased to Rs 10,139 crore from Rs 9,576 crore recorded in the same period of the previous financial year.
In a statement, the company said it achieved the best cash outflows, collections and profitability ever in the fourth quarter of fiscal 2022.
All major OEMs (Original Equipment Manufacturers) recorded double-digit growth in March 2022, helped by the resumption of infrastructure projects, growth in the logistics and e-commerce sector coupled with easing financing options, the company said.
The strong rebound in residential home sales in the current quarter was supported by consumer demand after home buying was postponed due to the COVID-19 pandemic, he said.
For the year ending March 31, 2022, total assets under management increased to Rs 82,904 crore from Rs 76,518 crore recorded a year ago.
Vehicle finance disbursements during the year ending 31 March 2022 amounted to Rs 25,439 crore against Rs 20,249 crore recorded in the previous year.
Lending against property including the affordable and commercial segment increased to Rs 5,862 crore from Rs 3,627 crore recorded in the previous year.
Disbursements of home loans during the year under review rose to Rs 1,571 crore from Rs 1,542 crore recorded in the previous year.
The board of directors which met here on Thursday recommended a dividend of Rs 0.70 per share on the shares of the company, subject to shareholder approval.
This was in addition to the interim dividend of Rs 1.30 per share for the financial year 2021-22 declared by the company on February 1, the statement added.
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