Mumbai, Apr 23 (PTI) Financial services company, Cholamandalam Investment and Finance, today reported a 32.6 per cent jump in its net at Rs 291.09 crore in the quarter ended March, driven by lower cost of funds and higher fee income. Also Read - RailTel Share Price Gains 20% on BSE Upper Circuit After February Super Session

The company had reported a profit after tax of Rs 219.55 crore in the same period last year. Also Read - Stock Market News Today, 16 February 2021: Sensex Opens at New High, Nifty Tops 15,000; ONGC, Kotak Bank Among Big Gainers

For the full year, net profit had grown by 35.5 per cent to Rs 974.12 crore as against Rs 718.74 crore in the year-ago period. Also Read - Sensex Hits Lifetime High With Over 600 Pts in Early Trade, Nifty Rallies Above 15,100

“The growth in profit was driven by lower non- performing assets, reduction in our cost of funds and better fee income,” the company’s executive vice chairman and managing director, N Srinivasan, said.

The company’s cost of fund in the quarter reduced to 7.1 per cent in the quarter from 7.7 per cent in the year-ago period. Gross non-performing assets stood at 2.94 per cent from 4.66 per cent, while net NPA was at 1.66 per cent as against 3.19 per cent.

It’s aggregate disbursements grew 54 per cent to Rs 8,007 crore from Rs 5,213 crore last year same quarter, riding on the growth in commercial vehicle (CV) industry.

Vehicle finance disbursement grew 54.8 per cent to Rs 6,820 crore from Rs 4,407 crore year-ago.

Home equity business disbursed Rs 806 crore as against Rs 544 crore in the fourth quarter of FY17, registering a growth of 48 per cent.

Assets under management grew by 25 per cent at Rs 42,879 crore compared to the last financial year, which stood at Rs 34,167 crore.

In the quarter, the company raised Rs 12,000 crore from banks as well as bonds. For the current financial year, it plans to raise Rs 20,000 crore from banks as well as various instruments, including bonds, Srinivasan said.

The company’s scrip closed today at Rs 1,663.45, up 6.17 per cent on the BSE, which ended 34,450.77, up 0.10 per cent.

This is published unedited from the PTI feed.