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Motilal Oswal Report
Cholamandalam Investment and Finance Company Ltd. reported 5% YoY growth in profit after tax to Rs 4.1 billion (in-line).
Operating profit grew 51% YoY, 11% above our expectation. However, higher-than-expected provisions (Rs 4.45 billion versus Rs 3.5 billion) drove PAT in-line.
We expect the company to deliver asset under management growth in the low-to-mid teens in the medium term.
The margin should expand given lower cost of funds and reduced liquidity on the balance sheet.
The 100 basis points QoQ increase in the proforma gross non-performing loan ratio is commendable in the current environment.
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