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Systematix Research Report
Cholamandalam Investment and Finance Company Ltd. reported a profit of Rs 5.2 billion in Q3 FY22 (versus Rs 6.1 billion in Q2 FY22) due to higher provisions.
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With a normalising Covid-19 situation and better customer cash flows, provision roll-backs are likely in Q4 FY22E.
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Cholamandalam Investment's stage-III provision is at 38.8%, which seems prudent. Disbursements and collections are better than pre-Covid-19 levels.
We remain sanguine about high disbursement run-rate in FY23E driven by higher farm income and replacement demand for heavy commercial vehicles.
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