Cholamandalam Q3 Results Review - Resilient Show: Yes Securities

NDTV Profit’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 NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.. Yes Securities Report.Cholamandalam Investment and Finance Company Ltd.'s core net interest income (excluding of fees) and pre-provision operating profit came in-line with our expectation while profit after tax was 3% lower on slightly higher credit cost. Assets under management growth remained strong at 7.7% QoQ/40% YoY even as disbursement growth decelerated to 4% QoQ/27.5% YoY.Home loan originations were flat QoQ whereas disbursements in new businesses (consumer and small enterprise loans, secured business and personal loans and small and medium enterprise loans) have been nearly stagnant over the past three quarters.Reported net income margin was flat QoQ at 7.4% at company level, and it improved by 20 basis points in vehicle finance and 100 bps in HL business segments on the back of Income Yield improvement of 50 bps and 110 bps respectively. Overall cost of funds increased by only 10 bps QoQ.There was a significant jump in fee income with addition of insurance distribution commission after receipt of license in October. Opex/asset ratio increased 10 bps sequentially across vehicle finance, loan against property and home loan businesses, reflecting strong business/disbursements activity and significant distribution/manpower addition in recent quarters..Click on the attachment to read the full report:.ITC Q3 Results Review - Miss On Cigarette Volume; Resilient FMCG Delivery: Motilal Oswal.DISCLAIMERThis report is authored by an external party. NDTV Profit 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 NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Cholamandalam Q3 Results Review - Resilient Show: Yes Securities

Almost stable spreads and strong asset quality; disbursement growth decelerates as expected.

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