Cholamandalam Investment and Finance Q3 profit up 28 pc to Rs 389 cr

Financial services company Cholamandalam Investment and Finance on Thursday reported a 28 per cent jump in net profit at Rs 389 crore for the quarter ended December 31. The company had reported a profit after tax of Rs 304 crore in the year-ago period.

Total income of the company rose to Rs 2,274.90 crore from Rs 1,826.23 crore in the same period a year ago, Cholamandalam Investment and Finance said in a statement. Notwithstanding the tight market conditions, the company continues to maintain strong asset quality with a marginal increase in Stage 3 receivables to 3.54 per cent from 3.30 per cent in December 2018, it said.

The company's board approved issue of equity shares by way of preferential issue to Cholamandalam Financial Holdings Limited, a promoter entity, up to an amount not exceeding Rs 300 crore in one or more tranches at such price, it added.