Chola reports 24% rise in Q4 profit after tax

CHENNAI: Cholamandalam Investment and Finance Company Limited (Chola) on Tuesday posted 24% growth in profit after tax (PAT) at Rs 1,058 crore in the quarter ended March 31, 2024 against Rs 852 crore in the corresponding quarter last year.

It has delivered the best-ever disbursals, collections and profitability in Q4 FY24, the company said in a statement.

It clocked a disbursement volume of Rs 24,784 crore in Q4 FY24, a 18% rise over the year ago quarter at Rs 21,020 crore.

On an annual basis, the disbursement rose by 33% at Rs 88,725 core during FY24, which was at Rs 66,532 crore in 2022-23. Of this, vehicle finance topped the disbursements for the entire year (FY24) and stood at Rs 48,348 crore, followed by loan against property (LAP) at Rs 13,554 crore.

It said the board of directors of Cholamandalam Home Finance Ltd, a wholly owned subsidiary, had approved an equity infusion of Rs 25 crore in Cholamandalam Securities Ltd.