Cholamandalam Investment & Finance Company Ltd

Cholamandalam Investment & Fin. Co. is one of the premier diversified non-banking finance companies in India, engaged in providing vehicle finance, home loans and corporate mortgage loans. The Company through its subsidiaries, is also engaged in the business of broking, distribution of financial products and freight data solutions.

Pros:
Promoter's stake has increased
Company has good consistent profit growth of 26.65% over 5 years
Cons:
Stock is trading at 3.36 times its book value
Company has low interest coverage ratio.

Peer Comparison Sector: Finance // Industry: Finance & Investments

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
Revenue 1,162 1,176 1,213 1,296 1,350 1,389 1,456 1,606 1,672 1,826 1,885 2,029
Interest 569 566 548 633 656 673 713 795 861 951 986 1,087
321 349 317 330 372 365 299 359 338 397 423 436
Financing Profit 272 261 349 334 322 351 444 451 472 478 476 506
Financing Margin % 23% 22% 29% 26% 24% 25% 31% 28% 28% 26% 25% 25%
Other Income 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 9 10 11 10 12 13 15 13 13 15 15 23
Profit before tax 263 251 338 324 310 338 429 439 460 464 461 483
Tax % 35% 35% 35% 35% 34% 35% 34% 35% 34% 34% 37% 35%
Net Profit 171 163 220 210 204 219 285 285 305 304 292 314
EPS in Rs 2.19 2.08 2.81 2.68 2.61 2.81 3.65 3.65 3.90 3.89 3.73 4.02
Gross NPA % 3.50% 3.80% 4.70% 4.73% 4.50% 3.70% 3.00% 3.10% 2.80% 2.70% 2.30% 2.60%
Net NPA % 2.00% 1.60% 3.20% 3.17% 2.90% 2.30% 1.70% 1.80% 1.60% 1.50% 1.10% 1.40%
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
Revenue 891 1,115 930 1,188 1,766 2,554 3,262 3,690 4,192 4,660 5,479 6,992 7,412
Interest 378 594 504 568 988 1,411 1,771 1,960 2,051 2,231 2,659 3,589 3,885
408 483 420 512 498 674 918 1,044 1,250 1,286 1,369 1,525 1,594
Financing Profit 105 38 5 107 281 470 573 686 891 1,143 1,451 1,878 1,933
Financing Margin % 12% 3% 1% 9% 16% 18% 18% 19% 21% 25% 26% 27% 26%
Other Income 2 -1 41 1 18 1 1 0 1 1 0 1 1
Depreciation 16 20 15 9 9 20 24 29 21 38 50 55 66
Profit before tax 91 17 31 100 290 451 550 657 871 1,106 1,401 1,823 1,867
Tax % 35% -150% 51% 38% 41% 32% 34% 34% 35% 35% 34% 35%
Net Profit 59 43 15 62 173 307 364 435 568 719 918 1,186 1,215
EPS in Rs 2.14 1.29 0.32 0.99 2.53 4.17 5.08 5.87 7.06 9.05 11.74 15.17 15.54
Dividend Payout % 35% 0% 43% 29% 19% 16% 14% 12% 12% 12% 11% 9%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:20.15%
5 Years:16.47%
3 Years:18.59%
TTM:27.77%
Compounded Profit Growth
10 Years:42.18%
5 Years:26.65%
3 Years:27.78%
TTM:22.26%
Return on Equity
10 Years:17.54%
5 Years:18.72%
3 Years:19.74%
Last Year:21.04%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
52 366 366 119 133 143 143 644 156 156 156 156
Reserves 506 415 419 953 1,285 1,822 2,151 2,529 3,501 4,128 4,942 6,019
Borrowings 5,398 5,391 5,394 7,949 11,444 15,289 18,093 19,475 22,576 24,109 38,330 50,567
405 1,071 1,073 671 589 953 1,180 1,746 1,672 2,214 661 684
Total Liabilities 6,361 6,943 6,951 9,692 13,451 18,207 21,568 23,894 27,906 30,608 44,090 57,426
48 34 14 33 53 71 73 68 111 140 161 163
CWIP 1 0 0 0 0 0 0 0 0 0 4 13
Investments 174 405 219 68 62 225 82 67 67 239 73 73
6,139 6,504 6,718 9,591 13,336 17,911 21,413 23,758 27,728 30,230 43,852 57,178
Total Assets 6,361 6,943 6,951 9,692 13,451 18,207 21,568 23,894 27,906 30,608 44,090 57,426

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
-2,001 848 -1,071 -3,249 -3,572 -3,759 -2,451 -2,271 -2,814 -1,491 -7,923 -9,294
-259 -549 519 208 -6 -8 -80 -40 -147 -202 -63 -4
2,358 404 10 2,786 3,662 4,087 2,751 1,826 3,037 1,701 7,965 12,183
Net Cash Flow 98 703 -543 -255 84 319 219 -485 76 8 -20 2,885

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROE % 13% 5% 2% 7% 15% 18% 17% 16% 17% 18% 20% 21%

Credit Ratings