Chola Financial Q1 profit slides 39% to ₹357 cr.
The Hindu
Cholamandalam Financial Holdings’ (CFHL) consolidated net profit for Q1 FY22 contracted by 39% to ₹357 crore. The Murugappa Group firm’s revenue from operations, however, grew 11% to ₹3,591 crore. Ch
Cholamandalam Financial Holdings’ (CFHL) consolidated net profit for Q1 FY22 contracted by 39% to ₹357 crore. The Murugappa Group firm’s revenue from operations, however, grew 11% to ₹3,591 crore. Cholamandalam Investment & Finance Co. Ltd., in which CFHL holds about 45.46% stake, was adversely impacted by the second wave, leading to shift of focus from business to well-being of the affected persons. This resulted in a setback in Q1 performance in the disbursements and collections, the company said in a filing. Disbursements rose by a marginal 1% as vehicle purchases were predominantly deferred. Collections were also hit, resulting in an increase in Stage 3 assets from 3.9 6% to 6.79%.
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