Cholamandalam Investment reports record 33% jump in disbursements in FY24
Upstox
2 min read • Updated: April 8, 2024, 12:29 PM
Summary
The company also announced that its asset under management (AUM) grew around 35% to approximately ₹1.53 lakh crore at the end of March 2024.
Shares of Cholamandalam Investment and Finance Co. Ltd, a non-banking finance company (NBFC) controlled by the Murugappa Group, slipped in trade on Monday after the company released its quarterly and annual business update for the period ended March 2024.
The Cholamandalam Investment stock opened in the green on Monday and rose as much as 1.5% to hit a high of ₹1,236 apiece. However, within a few minutes into the session, the share price erased all its gains to trade 0.1% lower at ₹1,215.9 apiece at 9:34 am.
Cholamandalam Investment said that overall disbursements for the March quarter (Q4 FY24) grew 17% to around ₹24,600 crore as against ₹21,020 crore in Q4FY23.
For full fiscal 2023-24, overall disbursements jumped 33% to ₹88,300 crore as against ₹66,532 crore in 2022-23.
The biggest contributor was the company’s vehicle finance segment. Disbursements in this business were around ₹12,900 crore in Q4 FY24 and around ₹48,200 crore for FY24, which marks a year-on-year growth rate of 6% and 21%, respectively.
Another significant contributor was the loan against property business where disbursements stood at around ₹4,200 crore in Q4FY24 and ₹13,400 crore in FY24, up 52% and 44%, respectively, compared with a year ago.
Besides that, other business segments also recorded strong growth in disbursements during FY24, including the home loans business, micro small and medium enterprise loans business, consumer and small enterprise loans business, and secured business and personal loans business.
Cholamandalam Investment announced that the company’s asset under management (AUM) grew around 35% to approximately ₹1.53 lakh crore at the end of March 2024.
The company announced last month that it had acquired about 5 acres of land in Guindy, Chennai from DLF at a cost of ₹735 crore in one of the largest deals in recent months. The land would reportedly be used to build a corporate office for the company. The Cholamandalam Investment stock has gained 11% in the last month.