Cholamandalam Investment hits 52-week high on better numbers

Stocks

The collection efficiency improved across all product segments and stood at 138 % in Q4FY22 as against 120% in Q4FY21, the company said.

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Cholamandalam Investment and Finance Company touched a 52-week high of Rs 749.10, rising 9 percent intraday, on April 8 after the firm reported better business numbers for the March quarter and the financial year ended FY22.

“Cholamandalam Investment and Finance Company’s disbursements for Q4 FY22 stood approximately at Rs 12,718 crore as against Rs 8,071 crore in Q4 of FY21, which is a growth of 58 percent, and for FY22 stood approximately at Rs 35,489 crore as against Rs 26,043 crore, which is a growth of 36 percent, the Chennai-based company said in its press release.

The disbursements in the vehicle finance business grew by 43 percent to approximately Rs 8,785 crore in Q4FY22 and by 26 percent in FY22 to approximately Rs 25,439 crore.

The loan against property business disbursements grew by 57 percent to approximately Rs 1,870 crore in Q4FY22 and by 53 percent to approximately Rs 5,536 crore in FY22.

The new businesses launched last year together made disbursals of Rs 1,514 crore for Q4FY22 and Rs 2,618 crore in FY22.

The collection efficiency on billing improved across all product segments and stood at 138 percent in Q4FY22 as against 120 percent in Q4FY21, the company added.

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Here is what brokerages have to say about the stock and company:

Morgan Stanley

Research house Morgan Stanley has maintained equal weight rating with a target at Rs 775 a share.

There were better-than-expected disbursements in Q4, while collection efficiency was strong at 138 percent and strong liquidity maintained at the end of Q4.

Jefferies

The broking firm maintained a “buy” rating on the stock with the target at Rs 820 a share.

The company reported strong disbursement growth of 58 percent YoY and new business formed 12 percent of the Q4 disbursements.

The increasing collection efficiency should lead to better asset quality QoQ.

At 12.22 pm, Cholamandalam Investment and Finance Company was quoting at Rs 741.00, up Rs 54.05, or 7.87 percent, on the BSE.

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