Cholamandalam posts small rise in net profit

MUMBAI, Feb 21: Cholamandalam Investment & Finance Company Ltd has posted a net profit of Rs 10.23 crore for the half-year ended December 31, 1997, indicating a marginal rise over the net profit of Rs 10.03 crore during the corresponding period in the previous year. The non-banking finance company’s total income from operations during the period rose to Rs 72.40 crore, a growth of 15% over the total income of Rs 63 crore in last year.

The interest charges of Cholamandalam Investment & Finance rose to Rs 32.77 crore during the first half of the current fiscal against Rs 29.76 crore for the six months ended December 31, 1996. The finance company’s gross profit during the period ended December 31, 1997, stood at Rs 34.86 crore, a growth of almost 20 per cent over the previous corresponding period’s gross profit of Rs 29.23 crore. Cholamandalam Investment & Finance’s equity capiatal at present stands at Rs 16.93 crore.

Even while most NBFCs have been posting poorer results on account of the downturn in theindustry, Cholamandalam is one of the few NBFCs to record a growth during the first half of the fiscal.