BQ Prime's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer BQ Prime's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Nirmal Bang Report
Cholamandalam Investment and Finance Company Ltd. reported strong disbursements of Rs 133 billion, up 2.7 times YoY and 5% QoQ. Assets under management at Rs 819 billion grew by 21% YoY and 7% QoQ. Net interest income at Rs 14.81 billion was in line with our estimate; up 17% YoY and 8% QoQ.
Opex was controlled, resulting in operating profit beat of 2.4%. Operating profit at Rs 10.6 billion increased by 7% YoY and 16.3% QoQ. Cholamandalam created macro provisions of Rs 500 million during the quarter, resulting in slightly elevated loan-loss provisions of 1.5% (annualised).
Earnings at Rs 5.7 billion (down 18% QoQ) were impacted by higher provisions. The non-banking financial company now carries additional provisions of Rs 5.3 billion (0.64% of AUM) and expects credit cost ~1.2-1.5% for FY23E.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
