CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LIMITED (CIFCL)
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED
31st DECEMBER 2020
Total AUM crossed the milestone of ₹ 75,000 Crs Up by 15% and
Net Income Margin for the quarter - ₹ 1,364 Cr up by 26%
PAT for the quarter - ₹ 409 Cr up by 5%
Key Financial results (Q3 FY21 & YTD Dec 2020):
· Total AUM up at ₹ 75,813 Cr (Up by 15% YoY)
· Net Income Margin at ₹ 1,364 Cr (Up 26% YoY) for Q3 FY21 and ₹ 3,602 Cr (Up 18% YoY) for YTD Dec 2020
· PAT at ₹ 409 Cr (Up 5% YoY) for Q3 FY21 and ₹ 1,272 Cr (Up 26% YoY) for YTD
The Board of Directors of CIFCL today approved the unaudited financial results for the quarter and nine months ended 31st December 2020.
Q3 and YTD December 2020 Performance:
Note: Loan Losses include additional COVID provisions of ₹ 216 Cr for the nine-month ended 31st December 2020, and total COVID provisions as of Dec 20 is 750crs
· Aggregate disbursements in Q3 FY 21 were at ₹ 7,926 Cr as against ₹ 7,475 in Q3 FY 20, with a growth of 6%. Disbursements for YTD Dec 2020 were at ₹ 17,972 Cr as against ₹ 23,429 Cr in the previous year registering a decline of 23% Y-on Y.
· Vehicle Finance (VF) business has clocked a volume of ₹ 6,084 Cr in Q3 FY 21 as against ₹ 5,949 in Q3 FY20, started registering growth of 2%. Disbursements for YTD Dec 2020, were at ₹ 14,096 Cr as against ₹ 18,685 Cr in the previous year, reporting a decline of 25% Y-o-Y.
· Loan Against Property (LAP) business disbursed ₹ 1,265 Cr in Q3 FY 21, as against ₹ 908 Cr in Q3 FY 20, with a good growth rate of 39%. The Disbursements for YTD Dec 2020 was ₹ 2,436 Cr as against ₹ 3,073 Cr in the previous year, registering a decline of 21% YoY.
· Home Loan (HL) business disbursed ₹ 434 Cr in Q3 FY 21, as against ₹ 400 Cr in Q3 FY 20 registering a growth of 8%. The Disbursements for the nine months ended Dec 2020 were at ₹ 1,004 Cr as against ₹ 1,234 Cr in the previous year, registering a decline of 32% YoY.
· Assets under management as at end of Dec 2020, grew by 15% at ₹ 75,813 Cr as compared to ₹ 65,992 Cr as at end of Dec 2019.
· Profits after Tax (PAT) for Q3 FY 21 were at ₹ 409 Cr compared to ₹ 389 Cr in Q3 FY 20, reporting a growth of 5%. PAT for the nine months ended 31st December 2020, were at ₹ 1,272 Cr as against ₹1,010 Cr in the same period last year registering a growth of 26%.
· PBT-ROA for Q3 FY 21 was at 3.1% as against 3.4% in previous year quarter, while for YTD Dec 2020 it was at 3.4%, which is at the same level of 3.4% for the nine months end Dec 2019.
· ROE for the YTD Dec 2020 was at 19.2% as against 20.3% in previous year.
· The Company continues to hold strong liquidity position with Rs. 6,228 Cr as cash balance as at end of Dec’20 (including Rs 1500 Cr invested in Gsec shown under investments, as it is held to maturity), with a total liquidity position of Rs.10,923 Cr (including undrawn sanctioned lines). The ALM is comfortable with no negative cumulative mismatches across all time buckets.
The Board of Directors of the Company declared an Interim dividend of 65% being ₹ 1.30 per share on the equity shares of the Company, for the year ending March 31, 2021
Hon’ble Supreme Court has directed that accounts which were not in NPA as of 31st August 2020, shall not be declared as NPA till further orders. Accordingly, the Company has not classified any new accounts as NPA after 31st August 2020. However, if the Company had classified new accounts as NPA, then the Gross Stage 3 and Net Stage 3 would have been 3.75% and 2.12% respectively.
The Capital Adequacy Ratio (CAR) of the company as on 31st December2020, was at 19.25% as against the regulatory requirement of 15%.