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The income from
operation of Cholamandalam Investment & Finance Company increased 45.08% to
Rs 5427.56 crore in Q4FY2024. The revenue of Others (14.38% of total revenues)
segment has gone up 103.04% to Rs 765.11 crore. The revenue of Vehicle finance
(59.07% of total revenues) segment has gone up 28.97% to Rs 3,141.93 crore. The
revenue of Loan against property (16.72% of total revenues) segment has gone up
41.62% to Rs 889.53 crore. The revenue of Home Loans (9.83% of total revenues)
segment has gone up 88.18% to Rs 522.72 crore.
PBIT of Others
segment rose 181.54% to Rs 148.12 crore (accounting for 10.10% of total PBIT). PBIT
of Vehicle finance segment rose 21.86% to Rs 886.55 crore (accounting for
60.48% of total PBIT). PBIT of Loan against property segment rose 34.83% to Rs
263.85 crore (accounting for 18.00% of total PBIT). PBIT of Home Loans segment
rose 75.92% to Rs 167.32 crore (accounting for 11.41% of total PBIT).
The Capital employed
for Others (12.52% of total) segment has gone up 81.16% to Rs 2,263.00 crore. The
Capital employed for Vehicle finance (58.39% of total) segment has gone up
25.63% to Rs 10,557.00 crore. The Capital employed for Loan against property
(20.07% of total) segment has gone up 40.74% to Rs 3,629.00 crore. The Capital
employed for Home Loans (9.02% of total) segment has gone up 61.52% to Rs
1,631.00 crore.
Overall OPM eased to 73.90% in Q4FY2024 from 75.88% in
Q4FY2023, leading to 41.29% rise in operating profit to Rs 4,010.94 crore. Other
expenditure as a percentage of total income moved down to 8.38% from 10.11% in
Q4FY2024. The staff cost as a percentage of total income increased to 14.28%
from 10.96% in Q4FY2024. The provisions as percentage of total income increased
to 3.44% from 3.05% in Q4FY2024.
Other income declined 23.39% to Rs 71.6 crore. Interest
cost increased 48.74% to Rs 2579.4 crore. Depreciation moved up 111.77% to Rs
75.18 crore. PBT moved up 22.83% to Rs 1,427.96 crore.
The effective tax rate increased to 26.54% in Q4FY2024
compared to 26.44% in Q4FY2023. Provision for tax was expense of Rs 378.94
crore, compared to Rs 307.37 crore. Profit after tax rose 22.67% to Rs 1,049.02
crore.
Profit attributable to non-controlling interest was nil
in both the periods.The share of profit of associate companies increased
1,62,000% to Rs 16.21 crore. Finally, Net profit attributable to owners moved
up 24.56% to Rs 1,065.23 crore.
Book value stood at Rs 232.7 per share, while the
adjusted book value (net of NNPA) was at Rs 209.5 per share end March 2024.
Business
highlights:
Assets under management stood at Rs 153718 crore end March 2024 as
compared to Rs 112782 crore end March 2023, clocking a growth of 36% yoy. The company has delivered best ever disbursals, collections, and
profitability in Q4FY24.
Aggregate disbursements in Q4FY24 were at Rs 24784 crore as against Rs
21020 crore in Q4FY23 with a growth of 18%. Disbursements for FY24 were at Rs 88725
crore as against Rs 66532 crore in the previous year, registering a growth of
33% yoy.
Vehicle Finance (VF) disbursements were at Rs 12962 crore in Q4FY24
as against Rs 12190 crore in Q4FY23, registering a growth of 6%. Disbursements
for FY24 were at Rs 48348 crore as against Rs 39699 crore in the previous year,
reporting a growth of 22% yoy.
Loan Against Property (LAP) business disbursed Rs 4273 crore in Q4FY24,
as against Rs 2762 crore in Q4FY23, with a growth rate of 55%. Disbursements
for FY24 were at Rs 13554 crore as against Rs 9299 crore in the previous year,
registering a growth of 46% yoy.
Home Loan business disbursed Rs 1747 crore in Q4FY24, as against Rs 1405
crore in Q4FY23 registering a growth of 24%. Disbursements for FY24 were at Rs 6362
crore as against Rs 3830 crore in the previous year, registering a growth of
66% yoy.
Small and Medium Enterprises Loan (SME) business disbursed Rs 2136
crore in Q4FY24, registering 2% growth over Rs 2104 crore in Q4FY23.
Disbursements for FY24 were at Rs 8106 crore, registering 27% growth over Rs 6388
crore in FY24.
Consumer and Small Enterprise Loans (CSEL) disbursed Rs 3301 crore in
Q4FY24, as against Rs 2364 crore in Q4FY23 registering a growth of 40%.
Disbursements for FY24 were at Rs 11281 crore, registering 64% growth over Rs 6865
crore in FY24.
Secured Business and Personal Loan (SBPL) disbursed Rs 366 crore in
Q4FY24, as against Rs 196 crore in Q4FY23 registering a growth of 87%.
Disbursements for FY24 were at Rs 1074 crore, registering 138% growth over Rs 451
crore in FY24.
The Company continues to hold a strong liquidity position with Rs 7899
crore as cash balance as of the end of Mar`2024 (including Rs 1500 crore each
invested in Gsec / TBill & Rs 765 crore invested in Strips shown under
investments), with a total liquidity position of Rs 8315 crore (including
undrawn sanctioned lines). The ALM is comfortable with no negative cumulative mismatches
across all time buckets as per Regulatory norms.
Stage 3 levels representing 90+ dues reduced to 2.48% as of March 24
from 2.82% as of the end of December 23. GNPA % as per RBI norms reduced to
3.54% as of March 24 as against 3.92% on December 23. NNPA as per RBI norms has
also dropped to 2.32% as of March 24 against 2.56% on December 23. NNPA is
below the threshold of 6% prescribed by RBI as the threshold for PCA.
The Capital Adequacy
Ratio (CAR) of the company as of 31st March 2024, was at 18.57% as against the
regulatory requirement of 15%. Tier-I Capital was at 15.10% and Tier-II Capital
was at 3.47%.
Financial
Performance FY2024
The income from operation of Cholamandalam Investment
& Finance Company increased 48.55% to Rs 19139.62 crore in FY2024.
The revenue of Others (14.22% of total revenues) segment
has gone up 190.85% to Rs 2,657.64 crore. The revenue of Vehicle finance
(60.24% of total revenues) segment has gone up 28.11% to Rs 11,256.00 crore. The
revenue of Loan against property (16.43% of total revenues) segment has gone up
42.61% to Rs 3,069.46 crore. The revenue of Home Loans (9.11% of total
revenues) segment has gone up 87.62% to Rs 1,702.25 crore.
PBIT of Others segment rose 663.15% to Rs 394.55 crore
(accounting for 9.15% of total PBIT). PBIT of Vehicle finance segment rose
12.48% to Rs 2,523.03 crore (accounting for 58.53% of total PBIT). PBIT of Loan
against property segment rose 26.70% to Rs 923.41 crore (accounting for 21.42%
of total PBIT). PBIT of Home Loans segment rose 58.74% to Rs 469.89 crore
(accounting for 10.90% of total PBIT).
The Capital employed for Others (12.52% of total) segment
has gone up 81.16% to Rs 2,263.00 crore. The Capital employed for Vehicle
finance (58.39% of total) segment has gone up 25.63% to Rs 10,557.00 crore. The
Capital employed for Loan against property (20.07% of total) segment has gone
up 40.74% to Rs 3,629.00 crore. The Capital employed for Home Loans (9.02% of
total) segment has gone up 61.52% to Rs 1,631.00 crore.
Overall OPM eased to 71.86% in FY2024 from 71.89% in
FY2023, leading to 48.49% rise in operating profit to Rs 13,753.87 crore. The
provisions as percentage of total income increased to 6.88% from 6.60% in
FY2024. Other expenditure as a percentage of total income moved down to 8.31%
from 10.96% in FY2024. The staff cost as a percentage of total income increased
to 12.95% from 10.56% in FY2024.
Other income increased 26.53% to Rs 280.25 crore. There
is 60.59% rise in interest cost at Rs 9230.75 crore and 63.56% rise in
depreciation to Rs 198.06 crore, Profit before tax increased 27.41% to Rs
4,605.31 crore. There is no extraordinary item. After which, PBT increased
27.41% to Rs 4,605.31 crore.
The effective tax rate declined to 25.94% in FY2024
compared to 25.95% in FY2023. Provision for tax was expense of Rs 1194.57
crore, compared to Rs 937.92 crore. Profit after tax rose 27.42% to Rs 3,410.74
crore.
Profit attributable to non-controlling interest was nil
in both the periods. Finally, Net profit attributable to owners rose 28.34% yoy
to Rs 3,420.06 crore in FY2024.
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Cholamandalam
Investment & Finance Company : Consolidated Results
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Particulars
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2403 (3)
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2303 (3)
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Var %
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2403 (12)
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2303 (12)
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Var %
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Income from Operations
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5427.56
|
3741.11
|
45
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19139.62
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12884.10
|
49
|
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OPM (%)
|
73.90
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75.88
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-
|
71.86
|
71.89
|
-
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OP
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4010.94
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2838.80
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41
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13753.87
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9262.22
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48
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Other Inc.
|
71.60
|
93.46
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-23
|
280.25
|
221.49
|
27
|
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PBDIT
|
4082.54
|
2932.26
|
39
|
14034.12
|
9483.71
|
48
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Interest
|
2579.40
|
1734.20
|
49
|
9230.75
|
5748.03
|
61
|
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PBDT
|
1503.14
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1198.06
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25
|
4803.37
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3735.68
|
29
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Depreciation
|
75.18
|
35.50
|
112
|
198.06
|
121.09
|
64
|
|
PBT
|
1427.96
|
1162.56
|
23
|
4605.31
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3614.59
|
27
|
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Tax Expenses
|
378.94
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307.37
|
23
|
1194.57
|
937.92
|
27
|
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PAT
|
1049.02
|
855.19
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23
|
3410.74
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2676.67
|
27
|
|
Profit attributable to
non-controlling interest
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0.00
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0.00
|
-
|
0.00
|
0.00
|
-
|
|
Share of Profit/(Loss)
from Associates
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16.21
|
0.01
|
-
|
9.32
|
-11.82
|
LP
|
|
Net profit
attributable to owners
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1065.23
|
855.20
|
25
|
3420.06
|
2664.85
|
28
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EPS (Rs)*
|
50.7
|
40.7
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25
|
40.7
|
31.7
|
28
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Adj BV (Rs)
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209.5
|
151.2
|
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209.5
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151.2
|
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* Annualised on
current equity of Rs 168.06 crore, Face value of Rs 2, Excluding
extraordinary items.
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bps : Basis points
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EO : Extraordinary
items
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Figures in Rs crore
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Source: Capitaline
Corporate Database
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