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Yes Securities Report
Cholamandalam Investment and Finance Company Ltd. delivered a strong show characterised by robust disbursement growth, significant net interest margin expansion, 3% reduction in portfolio at risk-30 and augmentation of balance sheet provisions.
On our estimate, there was a marginal pre-provision operating profit beat and earnings would have been in‐line adjusted for additional provisions on Reserve Bank of India circular impacted pool (2.7% of loans) and significant addition to management overlay (increased to 1.2% of loans).
Cholamandalam Investment's robust disbursements performance was largely driven by the vehicle finance segment (aided by products like used vehicles, light commercial vehicles, cars/multi utility vehicles, etc.), as originations were stable in loan-against-property and lower in home loans.
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