Cholamandalam Financial records Q3 net at Rs 38.48 crore

Cholamandalam Financial Holdings Ltd, a Murugappa Group company on Tuesday recorded standalone profits at Rs 38.48 crore for October-December 2019 quarter. The city-based company which was formerly TI Financial Holdings Ltd had clocked net profits at Rs 2.05 crore during the corresponding quarter of the previous year.

For the nine-month period ending December 31, 2019, standalone profits grew to Rs 57.97 crore from Rs 32.27 crore registered year-ago period. Total income on a standalone basis for the quarter under review was at Rs 39.81 crore as against Rs 3.63 crore during the corresponding period last year.

For the nine-month period ending December 31, 2019, the total income standalone was at Rs 62.24 crore as against Rs 37.05 crore during the same period last year. Cholamandalam Investment and Finance Company disbursed Rs 23,429 crore for the nine-month period ending December 2019 as compared to Rs 21,558 crore recorded the same period last fiscal.

The disbursement for the quarter ending December 31, 2019, was at Rs 7,475 crore as against Rs 7,644 crore recorded last fiscal. The company said assets under management grew to Rs 65,992 crore as of December 31, 2019, as compared to Rs 52,591 crore as at December 2018.

Cholamandalam MS General Insurance Company, a subsidiary in general insurance business registered a gross written premium of Rs 3,592 crore during the nine-month period ending December 31, 2019, as against Rs 3,209 crore in the corresponding period of last year. The gross written premium for the quarter ending December 31, 2019, was at Rs 1,204 crore as against Rs 1,155 crore in the same period last fiscal.

Cholamandalam MS Risk Services Ltd a joint venture company said it recorded revenues of Rs 33 crore for the nine-month period ending December 31, 2019, as against Rs 29 crore in December 2018.