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IDBI Capital Report
Cholamandalam Investment and Finance Company Ltd.'s assets under management growth picked up further to 38% YoY versus 31% YoY (Q3 FY23) led by strong growth in disbursements (up 65% YoY).
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Cholamandalam's management guided for 20-25% compound annual growth rate for next three-five years. Asset quality improved with gross stage-III at 3.01% versus 3.51% led by better collection efficiency.
Also, GNPA (as per Reserve Bank of India norms) stood at 4.6% versus 5.4%; (well below 6%; RBI requirement).
Net interest income grew by 10% QoQ led by improvement in net interest margins (up 10 basis points QoQ); pre-provision operating profit grew by 18% QoQ led by improvement in cost to income ratio (38% versus 41% QoQ). However, profit after tax grew by 25% QoQ led by decline in provisions (down 28% QoQ).
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