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Cholamandalam June quarter zooms two-fold
Murugappa Group firm Cholamandalam Investment and Finance company has reported an over two-fold jump in its consolidated net profit at Rs 32.36 crore for the quarter ending June 30, over the same period last year.
Murugappa Group firm Cholamandalam Investment and Finance Company has reported an over two-fold jump in its consolidated net profit at Rs 32.36 crore for the quarter ending June 30, over the same period last year.
The city-headquartered company had reported net profit of Rs 15.46 crore in the April-June quarter, 2010, a company statement here said. For the year ending March 31, 2011 the consolidated net profits stood at Rs 84.58 crore, it said.
The consolidated income from operations for the quarter ending June 30, 2011 grew to Rs 351.90 crore from Rs 252.94 crore registered during the same period of previous year. For the year ending March 31, 2011 the consolidated income from operations was at Rs 1,156.09 crore, it said.
The company said during the quarter it had invested Rs 55 crore as share capital in the Cholamandalam Factoring Ltd as it had made a loss before tax of Rs 57 crore compared to a loss of Rs 2.10 crore in first quarter of financial year 2011.
The entire investment was completely provided in the books of the parent company, it said. During the quarter, the company raised Tier-II capital of Rs 181 crore in the form of perpetual debt instrument and subordinated debt, it said.
The company's disbursements during the quarter rose by 34% to Rs 1,672 crore as against Rs 1,245 crore registered during the same period of previous year, it added.
