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Cholamandalam DBS First Quarter Result Shows
Growth of 176% In Revenue |
Chennai, 30th July, 2007: Cholamandalam DBS Finance Limited records a
growth of 176% in revenue over the corresponding period last year. The revenue
stands at Rs.168 crores during the quarter April – June, 2007 as against Rs.61
Crores during the same period in the previous financial year.
The company posted a growth of 132% in total disbursements during the period
April – June, 2007 over the corresponding period of the previous year. The
disbursements were at Rs.995.70 crores, up from Rs.428.52 crores during the same
period last year. The disbursements of vehicle finance grew by 39% over the
previous year and the rest of the growth was from the new businesses of personal
loans and home equity.
Profit Before Tax (PBT) was up by 139% at Rs.13.20 crores as compared to Rs.5.52
crores during the same period in the year 2006. Profit After Tax (PAT) was up by
137% at Rs.8.36 crores as compared to Rs.3.53 crores during the same period in
the year 2006. 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 through exclusive neighbourhood Branches
across India. These branches are in addition to the existing branches of vehicle
finance business. Home Equity loans business was launched in October 2006 in
Chennai, Bangalore, Hyderabad and Coimbatore and now is available in 11 cities.
Cholamandalam DBS plans to offer the product across India in the next 6 months
from its vehicle finance and personal loans locations.
Speaking on the occasion, Mr. Atul Pande, Managing Director said "Our
First Quarter results are a testimony to the fact that our changing product mix
is now starting to have its impact on the revenue flow of the company. The
company today is acquiring more than 20,000 new customers every month across all
its product categories. Personal loans business is now being conducted through
55 branches and home equity business has been extended to 11 locations. Vehicle
finance business is demonstrating excellent growth behind continued expansion in
the used vehicles segment. Our Wealth Management platform is now being
consolidated and we are making significant investments in infrastructure to
enhance our service delivery further. We expect to continue building on these
growth initiatives in the coming months, to build an integrated financial
services platform to service our customers' requirements.”
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