Cholamandalam Investment and Finance Company (511243) Q1 23/24 earnings summary

Executive summary

• Q1 FY24 disbursements reached ₹20,015 crore (+50% YoY), AUM ₹1,22,755 crore (+42%), PBT ₹968 crore (+27%) and PAT ₹726 crore (+28%).

• Growth spanned diversified lending businesses; PBT growth trailed AUM growth as funding costs rose from the prior-year low and fixed-rate vehicle loans reprice progressively.

Financial highlights

• Standalone total income was ₹4,133.62 crore vs ₹2,770.93 crore YoY; profit before tax was ₹967.53 crore vs ₹761.73 crore.

• Standalone PAT was ₹726.01 crore vs ₹565.66 crore YoY; basic/diluted EPS was ₹8.83/₹8.81 vs ₹6.89/₹6.88.

• Consolidated total income was ₹4,170.79 crore vs ₹2,795.91 crore; PBT ₹952.37 crore vs ₹758.76 crore; PAT ₹709.94 crore vs ₹562.01 crore.

• Management-reported net income was ₹2,127 crore (+30% YoY); finance costs rose 77% to ₹2,007 crore and loan losses rose 25% to ₹372 crore.

Outlook and guidance

• NBFC retail AUM growth was forecast at 18–20% for FY24; secured retail lending, including vehicle finance and other secured business loans, was forecast to grow 14–16%.

• A ₹4,000 crore QIP was targeted, subject to shareholder and other necessary approvals.