The Murugappa Group’s Cholamandalam Investment and Finance Company (CIFCL) reported a 184% increase in its net profit for the fourth quarter of the financial year 2021-22 to Rs 690 crore. Its profit was Rs 243 crore in the same period in 2020-21.
The company’s total revenue increased by 6% to Rs 2,632 crore for the quarter under review, compared to Rs 2,478 crore in the fourth quarter of the previous financial year. The company had recorded its best cash outflows, collections and profitability in the fourth quarter of FY22.
Performance was helped by strong signs of recovery in the auto and mortgage sectors. All major CV OEMs reported double-digit growth in March 2022, helped by the resumption of infrastructure projects, growth in the logistics and e-commerce sector combined with the easing of the financing option”, the company said in a statement.
Total disbursements in the fourth quarter of FY22 were Rs 12,718 crore compared to Rs 8,071 crore in the fourth quarter of FY21 with a growth of 58%.
In the financial year ended March 2022, the company recorded a net profit of Rs 2,147 crore, up 42% from Rs 1,515 crore in 2020-21.
Total revenue for the year increased by 6% to Rs 10,139 crore from Rs 9,576 crore in 2020-21. Disbursements for FY22 stood at Rs 35,490 crore compared to Rs 26,043 crore in the previous year, registering a growth of 36% year-on-year.
Assets under management in March 2022 stood at Rs 82,904 crore compared to Rs 76,518 crore in March 2021.