Chennai, 02nd May 2024: The Board of Directors of CIFCL today approved the audited financial results for the quarter and year ended 31^st March 2024.

Highlights Q4 FY 24:     

Chola has delivered best-ever disbursals, collections, and profitability in Q4 FY24. Chola clocked a disbursement volume of 24,784 crs in Q4. Vehicle finance disbursements grew by 6% aided by a steady growth. Loan Against Property business grew by 55% and Home Loans grew by 24% driven by geographical expansion into Tier 3 and 4 locations.  Disbursement growth in the other businesses were at 24%.

Performance Highlights: 

• Aggregate disbursements in Q4 FY 24 were at ₹ 24,784 Cr as against ₹ 21,020 Cr in Q4 FY 23 with a growth of 18%. Disbursements for FY 23-24 were at ₹ 88,725 Cr as against ₹ 66,532 Cr in the previous year, registering a growth of 33% Y-o-Y.

• Vehicle Finance (VF) disbursements were at ₹ 12,962 Cr in Q4 FY 24 as against ₹ 12,190 Cr in Q4 FY23, registering a growth of 6%. Disbursements for FY 23-24 were at ₹ 48,348 Cr as against ₹ 39,699 Cr in the previous year, reporting a growth of 22% Y-o-Y.

• Loan Against Property (LAP) business disbursed ₹ 4,273 Cr in Q4 FY 24, as against ₹ 2,762 Cr in Q4 FY23, with a growth rate of 55%. Disbursements for FY 23-24 were at ₹ 13,554 Cr as against ₹ 9,299 Cr in the previous year, registering a growth of 46% Y-o-Y.

• Home Loan business disbursed ₹ 1,747 Cr in Q4 FY 24, as against ₹ 1,405 Cr in Q4 FY23 registering a growth of 24%. Disbursements for FY 23-24 were at ₹ 6,362 Cr as against ₹ 3,830 Cr in the previous year, registering a growth of 66% Y-o-Y.

• Small and Medium Enterprises Loan (SME) business disbursed ₹ 2,136 Cr in Q4 FY 24, registering 2% growth over ₹ 2,104 Cr in Q4 FY23. Disbursements for FY 23-24 were at ₹ 8,106 Cr, registering 27% growth over ₹ 6,388 Cr in FY 23-24.

• Consumer and Small Enterprise Loans (CSEL) disbursed ₹ 3,301 Cr in Q4 FY 24, as against ₹ 2,364 Cr in Q4 FY23 registering a growth of 40%. Disbursements for FY 23-24 were at ₹ 11,281 Cr, registering 64% growth over ₹ 6,865 Cr in FY 23-24.

• Secured Business and Personal Loan (SBPL) disbursed ₹ 366 Cr in Q4 FY 24, as against ₹ 196 Cr in Q4 FY23 registering a growth of 87%. Disbursements for FY 23-24 were at ₹ 1,074 Cr, registering 138% growth over ₹ 451 Cr in FY 23-24.

• Assets under management as of 31^st March 2024, stood at ₹ 1,53,718 Cr as compared to ₹ 1,12,782 Cr as of 31^st March 2023, clocking a growth of 36% Y-O-Y.

• PBT Growth in Q4 was at 24% and for FY 23-24 was at 27%.

• PBT-ROA for Q4 FY 24 was at 3.9% and for FY 23-24 was at 3.4%.

• ROE for FY 23-24 was maintained at 20.6% compared to the previous year.

• The Company continues to hold a strong liquidity position with ₹ 7899 Cr as cash balance as of the end of Mar’2024 (including Rs 1500 cr each invested in Gsec / TBill & Rs 765 Cr invested in Strips shown under investments), with a total liquidity position of ₹ 8315 Cr (including undrawn sanctioned lines). The ALM is comfortable with no negative cumulative mismatches across all time buckets as per Regulatory norms.

• Consolidated Profit Before Tax (PBT) for Q4 FY 24 was at ₹ 1,428 Cr as against ₹ 1,163 Cr in Q4 FY 23 registering a growth of 23% and for FY 23-24 was at 4,605 Cr as against 3,615 Cr in FY 22-23 with a growth of 27%.

Asset Quality:

Stage 3 levels representing 90+ dues reduced to 2.48% as of March 24 from 2.82% as of the end of December 23. GNPA % as per RBI norms reduced to 3.54% as of March 24 as against 3.92% on December 23. NNPA as per RBI norms has also dropped to 2.32% as of March 24 against 2.56% on December 23. NNPA is below the threshold of 6% prescribed by RBI as the threshold for PCA.

The details of the stagewise assets and provisions are given in the Annexure.

Capital Adequacy:

The Capital Adequacy Ratio (CAR) of the company as of 31^st March 2024, was at 18.57% as against the regulatory requirement of 15%. Tier-I Capital was at 15.10% and Tier-II Capital was at 3.47%. 

Dividend

The Board of Directors of the company has recommended a final dividend of ₹ 0.70 per share (35%) on the equity shares of the company, subject to the approval of the members of the company at the ensuing Annual General Meeting. This is in addition to the interim dividend of ₹ 1.30 per share (65%) for the financial year 2023-24 declared by the company on 25th January 2024.

Others

The Board of Directors of Cholamandalam Home Finance Ltd(wholly owned subsidiary) have approved an Equity infusion of Rs. 25 Cr. in Cholamandalam Securities Ltd (wholly owned subsidiary), subject to the approval of regulators.