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IDBI Capital Report
Cholamandalam Investment and Finance Company Ltd.'s assets under management growth picked up to 21% YoY versus 10% YoY (FY22) led by strong growth in disbursements (up 267% YoY).
Management guided for 20% AUM growth for FY23. Asset quality improved with gross stage-III at 4.16% versus 4.37% led by better collection efficiency.
Also, gross non-performing asset (as per Reserve Bank of India norms) stood at 6.31% versus 6.82%; it remains high which needs to be watch out for.
Cholamandalam Investment's restructured assets stood at 4.3% versus 4.9% QoQ. Management overlay provisions stood at Rs 5.3 billion (0.6% of AUM) which should support credit cost.
Net interest income grew by 18% YoY led by improvement in net interst margins; pre-provision operating profit grew by 6% YoY led by increase in operating expenses (up 57% YoY). However, profit after tax grew by 73% YoY led by lower provisions (down 47% YoY).
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