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Cholamandalam DBS records 114% Growth in Revenue for the Quarter ended December’06 |
Chennai, 24 January, 2007: Cholamandalam DBS Finance Limited records a growth of over 114% in revenue over the corresponding period last year. The revenue stands at Rs.109.25 crores during the quarter October - December 2006 as against Rs.50.89 crores during the same period in the previous financial year.
The company posted a growth of 141 % in retail disbursements during the period October - December 06 over the corresponding period of the previous year. The retail disbursements in the quarter October-December 2006 was at Rs. 746 crores, up from Rs.310 crores during the same period last year. The Corporate Finance float increased to Rs. 700 crores in the quarter ended December 06 from Rs.309 crores during the same period last year.
Profit Before Tax (PBT) for the quarter was up by 18% at Rs. 10.78 crores as compared to Rs.9.10 crores during the same period in the year 2005. The growth in profits is after accounting for all expenses of the New Business of Personal Loans and Home Equity Loans.
Cholamandalam DBS Finance Limited, launched its Personal Loans business in January 2006 at Chennai, Bangalore, Hyderabad and Coimbatore. Today the Personal Loans business operates from 24 cities and more than 46 exclusive neighbourhood branches across India.
Home Equity Loans business was launched in October 2006 and is currently operational in Chennai, Bangalore, Hyderabad and Coimbatore. Cholamandalam DBS plans to offer the product across India in the next 6 months.
Speaking on the occasion, Mr. Atul Pande, Managing Director, Cholamandalam DBS Finance Limited said "This quarter’s result is a testimony of the changing approach in our Vehicle Finance Business. The Company has reworked its sourcing model to address the medium and sub-prime customers in a consolidated risk frame work. Our new businesses in consumer finance are building a mass consumer platform. We are now well poised for the 2nd phase of expansion by further strengthening our distribution deeper in to the Market."
In the board meeting held on January 24th 2007, the board approved a capital infusion plan of Rs. 200 crores by the way of rights issue of Shares, to support the expansion plans of the company.
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