Cholamandalam Financial Holdings Ltd. reported a 27% rise in consolidated net profit to ₹1,386 crore for the December quarter, driven by a strong operating performance.
Total income grew 17% year-on-year to ₹10,084 crore. Of this, the finance segment contributed ₹7,898 crore and the insurance business ₹2,149 crore, the Murugappa Group’s core investment company said.
Cholamandalam Investment & Finance Co. Ltd. (CIFCL), in which the company holds a 44.18% stake, disbursed ₹29,962 crore during the quarter, up from ₹25,806 crore a year earlier. CIFCL reported a net profit of ₹1,288 crore compared with ₹1,087 crore in the corresponding period last year, while assets under management rose 20% to ₹2.28 lakh crore.
Cholamandalam MS General Insurance Co. Ltd. (CMSGICL), the general insurance subsidiary in which the company holds about a 60% stake, recorded gross written premium of ₹2,361 crore, up from ₹2,175 crore. Net profit surged to ₹93 crore from ₹2 crore, largely due to mark-to-market gains on equity investments. The insurer’s investment book stood at ₹19,047 crore.
Cholamandalam MS Risk Services Ltd., a joint venture in which the company holds a 49.5% stake, reported total income of ₹26.47 crore, compared with ₹21.46 crore a year ago. Net profit rose to ₹3.43 crore from ₹1.82 crore.
On a standalone basis, Cholamandalam Financial Holdings’ total income increased to ₹3.69 crore from ₹2.96 crore, while net profit rose to ₹2.66 crore from ₹1.89 crore in the year-ago quarter.