Cholamandalam Financial Holdings gains by 5%
New Delhi: To begin with, on Wednesday, Cholamandalam Financial Holdings Ltd., a Murugappa Group company, came up with a surge of 5%. So then, its consolidated net profit increased at Rs 430.3 crores for the December quarter.
Besides, the company had reported a gain of Rs 408.65 crores in the year-ago period. However, the total income of the company increased to Rs 3,395.34 crores. Comparatively, from Rs 2,954.13 crores a year ago, it has seen a surge.
Cholamandalam company said in a statement that it stood under the Taxation Laws Ordinance 2019. So then, the company added some of its subsidiaries to exercise the option alotted under the Income Tax Act, 1961. Besides, to compute income tax at 25.17% from current FY has re-measured current tax. However, the consequential effect has remained recorded during the previous quarter, Sep 30, 2019.
Despite this, they started Cholamandalam MS General Insurance Company Ltd., a subsidiary in the general insurance business. Also, the company holds around 60% stakes. Besides, it has registered a Gross Written Premium (GWP) of Rs 1,204 crores.
Furthermore, the company quoted that Cholamandalam Investment & Finance Company Ltd., in which the company holds a 46.5 % stake, has reported a 28% hop in net profit. So then, this came up to Rs 389 crores for the quarter ended Dec 31.