Cholamandalam Q3 PBT grows 147%

Cholamandalam Investment & Finance Company, a composite financial services provider, has registered a 147% growth in Profit Before Tax (PBT) in the third quarter of financial year 2010-11.

During the quarter, Vehicle Finance disbursed was Rs 1158 Cr. (as against Rs. 754 Cr. in Q3 of 2009-10) and Home Equity disbursed Rs 315 Cr. (as against Rs 258 Cr. in Q3 of 2009-10).

The corporate and mortgage finance product float grew to Rs 655 Cr. (as against Rs 461 Cr. in Q3 of 2009-10).

The asset financing verticals ? represented by Vehicle Finance, Home Equity and Business finance- delivered a PBT before exceptional items of Rs 80 Cr. for the Quarter as against Rs 46 Cr. in Q3 of 2009 ? 10 recording a growth of 74%.

The aggregate receivables net of Provisions for the Personal Loan portfolio has come down to Rs.95 Cr. as on 31st December 2010 from Rs.266 Cr. as on 31st December 2009.

The Capital Adequacy Ratio of the company is at 18.76% as on 31st December 2010 compared to 15.61% as on 31st December 2009.

The Subsidiaries ?Cholamandalam Securities Ltd. and Cholamandalam Distribution Services Ltd reported a PBT of Rs 0.72 Cr. and Rs 1.69 Cr. respectively during the quarter as against a PBT of Rs 0.54 Cr. and Rs 1.70 Cr. in the corresponding quarter of 2009-10.

Cholamandalam Factoring Ltd. another subsidiary reported a loss of Rs. 1.72 Cr. as against a loss of Rs 8.33 Cr. in the corresponding quarter 2009-10.

Consolidated income from operations for the quarter ended 31st December 2010 is at Rs.286.26 Cr. as against Rs 238.71 Cr. for the same period last year and consolidated profit before tax & Exceptional Items for the quarter was at Rs 28.81 Cr. as against a profit of Rs 10.04 cr. during the same period last year.