Motilal Oswal: Cholamandalam Investment - Business Rebounds In Q2; Asset Quality Improves
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Motilal Oswal Report
Cholamandalam Investment and Finance Company Ltd. reported approximately 40% YoY growth in profit after tax to Rs 4.3 billion (43% beat).
The company delivered strong all-round performance. The beat was driven largely by a higher topline, partially offset by higher credit costs.
Total income increased 15% QoQ versus a 6% QoQ increase in asset under management – this drove the large net interest income beat.
Margin improvement was attributable to a shift toward higher-yielding products in vehicle finance.
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