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Cholamandalam DBS closes 2007-08 on a high, posts a growth
in Profit of 92% and in Revenue of 118%. Recommends 40%
dividend. |
Chennai 25 April, 2008: Cholamandalam DBS
Finance Limited, a joint venture between
Rs.8500 crore Murugappa Group and DBS Bank
Singapore, has posted an impressive
performance for the year ended 31st March
2008, with a Profit Before Tax and revenue
increase of 92% and 118% respectively.
The company has reported a higher Profit
After Tax of Rs. 59.37 Crores for the year
ended 31st March 2008 as compared to Rs.
31.02 Crore, last year. The total income was
higher at Rs. 891.73 Crores as compared to
Rs. 409.14 Crores in the previous year.
The consolidated Profit Before Tax (PBT),
including all subsidiaries, is higher by 72%
at Rs. 78.17 Crores as compared to Rs. 45.55
Crores last year. The Profit After Tax (PAT)
was up by 73% at Rs. 47.33 Crores as
compared to Rs. 27.39 Crores for the
previous year.
The company continued to improve it’s
performance and profitability across
businesses despite volatile market
situations. The improved profitability has
been mainly due to operating efficiencies,
change in product mix and high cross sell
initiatives.
The fourth quarter results recorded a growth
of 67% in Revenue over the corresponding
period last year. The revenue stands at
Rs.267 Crores as against Rs.160 Crores
during the same period in the previous
financial year. The Profit Before Tax as
Rs.16.58 Crores in the quarter ended March
08 as compared to Rs. 23.61 Crores last
year. This includes Rs. 4.63 Crores
provision on diminution in mark-to-market
value of foreign currency derivative
transactions. The consolidated revenue,
including all subsidiaries, for the quarter
is at Rs.282 Crores as compared to Rs. 165
Crores during the same period last year and
the Profit Before Tax stands at Rs. 9.55
Crores as compared to Rs.21.26 Crores during
the same period last year.
The company’s managed asset base increased
to Rs. 8077 Crores from Rs. 4485 Crores of
the previous year backed by a strong retail
disbursement growth of 94%.
The Board of directors also recommended a
dividend payout of 40% during the board
meeting held on 25.04.08.
Speaking on the occasion, Mr. Atul Pande,
Managing Director said “Our endeavor to
become a retail financial services company
has ensured that our revenue model is now
well diversified across many product
segments. We are now entering into the
consolidation phase in our new product
launches in the consumer finance space. We
look forward to another year of profitable
growth and building our model further. Our
vehicle finance and corporate finance
business have continued to deliver excellent
results in market and are poised to grow
even further."
About Cholamandalam DBS Finance Limited
Cholamandalam DBS is a joint venture between
the Murugappa Group and DBS Bank of
Singapore. The Company, along with its
subsidiaries and affiliates offers
individual and institutional customers a
range of financial services such as,
Personal Loans, Vehicle Finance, Home Equity
Loans, Capital Market Finance, Corporate
Finance, Mutual Funds, Securities Broking
and Distribution of Investment and Insurance
products. The Company’s shares are listed on
Bombay (BSE) and National (NSE) stock
exchanges.
About the Murugappa Group
Headquartered in Chennai, the USD 2
billion (Rs.8500 crore) Murugappa Group is
India’s leading business conglomerate.
Market leaders in diverse areas of business
including engineering, abrasives, finance,
general insurance, sanitaryware, cycles,
sugar, farm inputs, fertilizers,
plantations, bio-products and nutraceuticals,
its 29 registered companies have
manufacturing facilities spread across 14
states in India. The organisation fosters an
environment of professionalism and has a
workforce of over 30,000 employees.
The Group has forged strong joint venture
alliances with leading international
companies like Roca, Cargill, DBS Bank,
Mitsui Sumitomo and Groupe Chimique Tunisien
and has consolidated its status as one of
the fastest growing diversified business
houses in India.
About DBS
Headquartered in Singapore, DBS Group
Holdings Ltd is the holding company of DBS
Bank and is one of the largest companies in
terms of market capitalisation whose shares
are listed on the Singapore Exchange. DBS
Group and its subsidiaries form one of the
largest banking groups in the region in
terms of shareholders' funds and total
assets as at 31 December 2006, being
approximately SGD18.7 billion (USD12.2
billion) and approximately SGD197.4 billion
(USD129 billion). DBS is a leading bank in
Hong Kong. Beyond the anchor markets of
Singapore and Hong Kong, DBS serves
corporate, institutional and retail
customers through its operations in
Thailand, Malaysia, Indonesia, India, China
and The Philippines. The Bank's credit
ratings are one of the highest among banks
competing in the Asia-Pacific region, and in
Singapore.
For further information, please contact:
Mr. Atul Pande
Managing Director
Cholamandalam DBS Finance Limited
Tel: 044-25307172 |
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