Cholamandalam Financial Q4 results: Firm reports standalone net profit of Rs 32 crore

CHENNAI: Cholamandalam Financial Holdings Ltd has reported a standalone profit of Rs 31.97 crore for the quarter ending March 31, 2021.

The city-based Murugappa Group company registered standalone profit of Rs 25.36 crore during the corresponding quarter last.

For the year ending March 31, 2021, standalone profits stood at Rs 21.71 crore against Rs 83.33 crore a year ago.

The standalone total income for the quarter under review grew to Rs 50.74 crore from Rs 28.66 crore registered in the same quarter last fiscal.

For the year ending March 31, 2021, the standalone total income was Rs 58.14 crore against Rs 90.90 crore last year.

The company, in a statement, said the standalone profit after tax for the year ending March 31, 2021 was lower on account of lower dividend income and interest cost recognised on borrowing made for equity investment in a subsidiary company.

Cholamandalam MS General Insurance Company Ltd, a subsidiary in general insurance, registered a gross written premium of Rs 4,705 crore in FY ’21 against Rs 4,824 crore last year.

Cholamandalam MS Risk Services Ltd, a joint venture company, registered a total income of Rs 43.59 crore for the year ending March 31, 2021 against Rs 48.90 crore registered in the same period last year.

said it disbursed Rs 26,043 crore in FY ’21 compared to Rs 29,091 crore last year.

The decline was primarily due to lower disbursements in Q1 and Q2 of FY 2021 due to COVID-19 enforced lockdown, the company said.

The board of directors, which met on Friday, recommended a final dividend of 55 per cent being Rs 0.55 per equity share of face value of Re 1 of the company for the year ending March 31, 2021 – subject to shareholders approval, the company said.

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