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Systematix Research Report
Cholamandalam Investment and Finance Company Ltd. reported a profit of Rs 3.3 billion in Q1 FY22 due to higher provisions.
With a normalizing Covid-19 situation and better customer cash flows, provision roll-backs are likely in H2 FY22E.
Cholamandalam's stage-III provision is at 35.5%, which seems prudent.
Disbursements and collections are bouncing back to pre-Covid-19 levels.
We remain sanguine about the disbursement run-rate bouncing back to pre-Covid levels in FY22E.
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