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Cholamandalam Financial Holdings Q1 success: Reports PAT at Rs 589 cr

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CHENNAI: Cholamandalam Financial Holdings Limited, formerly TI Financial Holdings Ltd, on Thursday explained it has made Rs 589.46 crore as combined profit after tax (PAT) for the quarter ending July 30, 2020.

The combined PAT was Rs 330.02 crore during the similar period last year, the city-based Murugappa Group company explained in a statement.

For all four ending March 31, 2020, the PAT registered had been Rs 1,165.05 crore.

The total revenue for the quarter under analysis stood at Rs several,233.85 crore towards Rs 3,122.67 crore in the same time last fiscal.

On the effect of COVID-19 pandemic, this company said the virus-enforced lockdown have had an impact on the normal operations, including lending, often the statement said.

Cholamandalam Expenditure and Finance Company Ltd, wherein the Cholamandalam Financial Holdings supports 45.50 per cent risk, disbursed Rs 3,589 crore for the quarter finished June 30, 2020 when compared with Rs 8,572 crore in the same quarter not too long ago.

Assets under management expanded by 13 per cent to be able to Rs 70,826 crore compared toRs 62,827 crore as of June 30, 2019.

Cholamandalam MS Standard Insurance Company Ltd., a subsidiary on the whole insurancebusiness, in which the Cholamandalam Financial Holdings holds about 60 per cent stake, registered a new gross written premium (GWP) of Rs 883 crore during the quarter ended July 30, 2020, as againstRs 1,199 crore noted in the same quarter not too long ago.

Cholamandalam MS Risk Expert services Ltd, a joint venture corporation in which Cholamandalam Financial Holdingshas 49.5 per cent risk, made a revenue regarding Rs 5.28 crore for the quarter ended July 30, 2020 against Rs 8.67 crore from the corresponding quarter last year, often the statement said.

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