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Cholamandalam Investment and Finance Co reports Q2 PBT of Rs 596 crore

Chennai (Tamil Nadu) [India], Nov 9 (ANI): Cholamandalam Investment and Finance Company, the financial services arm of Murugappa Group, on Saturday reported profit before tax at Rs 596 crore in the quarter ended September as against Rs 491 crore in the year-ago period.

The company disbursed Rs 7,381 crore in Q2 FY20 as against Rs 6,899 crore in Q2 FY19, marking a growth of 7 per cent.

On the other hand, Cholamandalam MS General Insurance Company registered a gross written premium of Rs 1,192 crore as against Rs 1,103 crore. Profit before tax was at Rs 69 crore as against Rs33 crore.

Meanwhile, Cholamandalam MS Risk Services Ltd clocked a revenue of Rs 12 crore in Q2 FY20 as against Rs 10 crore in Q2 FY19.

The group recognised additional tax expense of Rs 118.8 crore for the quarter, it said in a statement.

Founded in 1900, the Rs 36,893 crore Murugappa Group is one of India's leading business conglomerates with 28 businesses and a workforce of over 50,000 employees.

(ANI)