Cholamandalam DBS posts 86% growth in disbursements

Chennai, 19 Oct 2006: Cholamandalam DBS Finance Limited (Cholamandalam DBS) has posted a growth of 86% in total disbursements during the period July to Sept 2006, over the corresponding period of the previous year. The disbursements were at Rs. 557 crores, up from Rs. 300 crores in the same period in 2005.

Revenues increased to Rs. 78 crores, and the Profit Before Tax (PBT) was Rs. 7.36 crores, as against Rs. 19.11 crores during the same period of the previous year. Last year’s profit and revenues include, Rs. 14.54 crores of a one time gain on sale of long term investments and profit adjusted for provision of Rs. 4.5 crores towards joint venture expenses.

Speaking on the occasion, Mr. Atul Pande, Managing Director said "Our strategy of expanding into the consumer finance business and strategic actions in our vehicle finance business has driven up our net spreads and have increased revenue by 54%, over last year, on a one time income adjusted basis. We are very happy with the growth trajectory of all our businesses and expect this momentum to continue going forward."

In NSE, the stock closed the day at Rs.151.60, down by 0.36% over its previous close of Rs.152.15.

Source : Equity Bulls

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