Cholamandalam Investment ups disbursements

Chennai: The city-based non banking finance company Cholamandalam Investment and Finance Company Limited (Cholamandalam) has reported a 25 per cent growth in disbursements to Rs800 crore during the first nine months of the current fiscal. According to a company release the company's gross asset base (including the securitised assets) went up by 13 per cent to Rs1,860 crore during the same period.

Cholamandalam has posted a before tax profit of Rs38.6 crore as against Rs36.3 crore for the same period in the previous year.

In the release, managing director M Anandan is quoted as saying, "Despite the overall scenario of rising interest rates, there has been no increase in lending rates in the auto finance market. While we expect this situation to correct itself, we have been actively taking steps to grow disbursements, cut costs and manage the product-mix for optimum yield."