Cholamandalam Investment and Finance Company on Tuesday reported a 24.5% rise in net profit to Rs 1,065 crore for the March quarter on account of an increase in core business.
The Murugappa Group firm had earned a consolidated profit of Rs 855 crore during the corresponding quarter of the previous year.
During the quarter, the company's total income increased to Rs 5,499 crore as against Rs 3,835 crore a year ago, Cholamandalam Investment and Finance Company said in a regulatory filing.
Interest income grew to Rs 4,938 crore during the period under review from Rs 3,499 crore in the year-ago period.
Total expense rose to Rs 4,071 crore compared to Rs 2,672 crore in the fourth quarter of FY23.
The board recommended a final dividend of 70 paise per share (35% per share of face value of Rs 2 each) for the year ended March 2024, it said.
On the asset quality side, the company's gross Non-Performing Assets were reduced to 3.54% of gross advances as of March 31, 2024, from 4.63% by the end of March 2023.
Net NPAs also came down to 2.32% of the advances from 3.11% at the end of 2023.
Provision Coverage Ratio climbed to 35.18% as against 33.77% at the end of March 2023.
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