Chola Financial Holdings reports consolidated net profit of Rs 1,144 cr in Q4

CHENNAI: Murugappa Group’s Cholamandalam Financial Holdings (CFHL) reported a consolidated net profit of Rs 3,851 cr for the year ended March 31, 2024, as against Rs 2,810 cr in the corresponding period of the previous year, registering a growth of 37 per cent.

The Board of Directors of CFHL on Friday approved the audited financial results for the quarter and year ended March 31, 2024.

The consolidated total income for the quarter ended March 31, 2024 is Rs 7,158 cr compared to Rs 5,281 cr in the corresponding quarter of the previous year, registering a growth of 36 per cent. For the quarter ended March 31, 2024, CFHL has achieved consolidated PAT of Rs 1,144 cr as against Rs 901 cr in the corresponding quarter of the previous year, registering a growth of 27 per cent.

Consolidated total income for the year ended March 31, 2024 is Rs 26,087 cr as against Rs 18,376 cr in the corresponding period of the previous year, registering a growth of 42 per cent, as per a release.

Cholamandalam Investment & Finance Company Ltd (CIFCL), in which CFHL holds about 44.39 per cent stake, disbursed Rs 24,784 cr during the quarter ended March 31, 2024 as against Rs 21,020 cr in the corresponding quarter of the previous year, registering a growth of 18 per cent. PAT for the quarter ended March 31, 2024 is Rs 1,058 cr against Rs 852 cr in the corresponding quarter of the previous year, registering a growth of 24 per cent. Assets under management grew by 36 per cent to Rs 1,53,718 cr as at March 31, 2024 as compared to Rs 1,12,782 cr as at March 31, 2023.

Cholamandalam MS General Insurance Company Ltd., (CMSGICL) a subsidiary in general insurance business, in which the CFHL holds about 60 per cent stake, registered a Gross Written Premium (GWP) of Rs 2,000 cr during the quarter ended March 31, 2024 as against Rs 1,805 cr in the corresponding quarter of the previous year, registering a growth of 11 per cent.

PAT (under Ind AS) for the quarter ended March 31, 2024 is Rs 95 cr as against Rs 63 cr in the corresponding quarter of the previous year, registering a 51 per cent growth.

CMSGICL has an investment book of Rs 16,538 crore as of March 31, 2024.

Cholamandalam MS Risk Services Ltd., a joint venture company, in which CFHL holds 49.5 per cent stake, registered total income of Rs 20.87 cr for the quarter ended March 31, 2024 as against Rs 17.70 cr in the corresponding quarter of the previous year. PAT for the quarter ended March 31, 2024 is Rs 3.75 cr as against Rs 2.69 cr in the corresponding quarter of the previous year.