Date:30/07/2004 URL: http://www.thehindubusinessline.com/2004/07/30/stories/2004073000280404.htm

Back Cholamandalam net at Rs 9.42 cr

Our Bureau

CHENNAI: Cholamandalam Investment and Finance Company Ltd of the Murugappa Group reported a net profit of Rs 9.42 crore on income from operations of Rs 56.73 crore for the quarter ended June 30, 2004.

During the corresponding period in the previous year, it reported a net profit of Rs 8.68 crore on income of Rs 57.73 crore.

According to a press release from Cholamandalam, vehicle finance disbursements were at Rs 234 crore for the period. The company's gross asset base (including assets securitised) grew by 12 per cent to Rs 1,790 crore. To broad-base sources of funds, the company securitised Rs 65 crore of commercial vehicle assets during the quarter. The company completed a rights issue in May for Rs 70 crore. Following this, its capital adequacy ratio stands at 17 per cent against the RBI's requirement of 12 per cent, the release said.