Cholamandalam Financial Holdings Ltd. (CFHL), a core investment company of the Murugappa Group, has posted a 63% growth in its consolidated net profit for the first quarter to ₹582 crore.
Total income rose by 10% to ₹3,963 crore, the company said in a regulatory filing.
Cholamandalam Investment & Finance Company Ltd., in which the company holds about 45.4% stake, disbursed ₹13,329 crore against ₹3,635 crore, recorded a net profit of ₹566 crore (₹327 crore) and assets under management of ₹86,703 crore (₹75,763 crore).
Cholamandalam MS General Insurance Company Ltd., a subsidiary in which the company holds about 60% stake, registered a Gross Written Premium of ₹1,384 crore against ₹997 crore and net profit of ₹20 crore (₹29 crore). The reduction in profit is primarily on account of an increase in fair value loss in debt and equity instrument of ₹9.4 crore compared with Q1 FY22 and reversal of Premium Deficiency Reserve (PDR) loss of ₹9 Crore in the previous year..
Cholamandalam MS Risk Services Ltd., a joint venture company, in which the company holds 49.5% stake, registered a total income of ₹15 crore (₹11 crore) and a net profit of ₹1 crore (₹40 lakh).
