Cholamandalam Investment and Finance Company on Friday reported a standalone profit of Rs 326.80 crore for the quarter ending June 30, 2021.
The city-based Murugappa Group firm had clocked standalone net profit at Rs 430.93 crore during corresponding quarter previous year.
For the year ending March 31, 2021 standalone net profit stood at Rs 1,514.91 crore. The total income on standalone basis grew to Rs 2,467.01 crore from Rs 2,113.65 crore registered in the same quarter of the last fiscal. For the year ending March 31, 2021 standalone total income stood at Rs 9,519.62 crore.
In a statement, the company said the management continues to monitor the evolving situation in the wake of COVID-19 pandemic "second wave" and its possible consequential implications on the operations of the company.
"Chola has witnessed a recovery in disbursements and collections during the latter part of June 2021, post relaxation of state-wise lockdowns. We expect a gradual revival in subsequent quarters in FY22 with normalisation and rollbacks of accounts which moved to higher buckets", the company said.
On financial performance, the company said it made aggregate disbursements of Rs 3,635 crore during the quarter under review, as against Rs 3,589 in the same quarter of the previous year with localised lockdown imposition in various states had hampered the growth in Q1.
Assets Under Management (AUM) as at the end of June 2021 grew by seven per cent at Rs 75,763 crore as compared to Rs 70,826 crore as at end of June 30, 2020.
"The company continues to hold a strong liquidity position with Rs 7,917 crore as cash balance as at end of June 2021 , with a total liquidity position of Rs 16,417 crore."
(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)