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Cholamandalam Financial Q2 PAT flat at Rs 325 cr despite surge in revenue

Cholamandalam Financial Holdings Ltd, formerly TI Financial Holdings Ltd, has clocked consolidated profit after tax at Rs 325.15 crore for the quarter ending September 30, 2019. The city-based Murugappa Group company had recorded a consolidated profit after tax at Rs 324.53 crore during corresponding quarter of previous year.

For the six-month period ending September 30, 2019 consolidated profits after tax grew to Rs 655.17 crore from Rs 638.57 crore registered year ago. Total income for the quarter under review surged to Rs 3,340.64 crore from Rs 2,614.66 crore registered same period year ago.

For the half year ending September 30, 2019 total income went up to Rs 6,463.31 crore as against Rs 5,090.26 crore registered same period last year.

In a statement the company said it disbursed Rs 15,954 crore for the half year ending September 30, 2019 as compared to Rs 13,913 crore in same period of last financial year. The disbursement for the quarter under review was at Rs 7,381 crore as against Rs 6,899 crore recorded same period last financial year.

Cholamandalam MS General Insurance Company, a subsidiary of general insurance business, registered a gross written premium of Rs 2,388 crore for the half year ending September 30, 2019 as against Rs 2,054 crore in same period of last fiscal.

For the quarter ending September 30, 2019 GWP was at Rs 1,192 crore as against Rs 1,103 crore registered same period year ago.

Cholamandalam MS Risk Services Ltd, a joint venture company registered a revenue of Rs 12 crore for the quarter ending September 30, 2019 as against Rs 10 crore in same period of last financial year. For the half year ending September 30, 2019 Cholamandalam MS Risk Services clocked revenues of Rs 20 crore as against Rs 17 crore in same quarter of previous year.

Source: Business Standard