Cholamandalam Investment Reports 18% Rise in Net Profit
Cholamandalam Investment and Finance Company Ltd. has reported a net profit of ₹1,259 crore for the March quarter. This is 18% higher than the same period last year. The company’s net interest income rose 30% to ₹3,056 crore. Asset quality remained stable.
The company will now enter the gold loan industry in select areas. However, details of the expansion plan are not disclosed. Cholamandalam follows other companies like L&T Finance and InCred that have recently entered the gold loan business.
Shares of Cholamandalam Investment and Finance ended 1.2% lower at ₹1,528.6 after the earnings announcement.
