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 26.61% over 5 years
Cons:
Stock is trading at 3.32 times its book value
Company has low interest coverage ratio.

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

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Mar 2019 Jun 2019
Revenue 1,141 1,115 1,172 1,184 1,222 1,247 1,313 1,404 1,537 1,643 1,902 2,045
Interest 532 547 569 565 547 540 556 590 619 795 986 1,087
305 304 334 357 327 378 397 421 466 401 436 450
Financing Profit 304 263 269 262 349 329 360 394 451 447 480 509
Financing Margin % 27% 24% 23% 22% 29% 26% 27% 28% 29% 27% 25% 25%
Other Income 1 0 1 0 2 0 0 0 0 0 0 0
Depreciation 6 8 9 11 12 10 12 14 15 13 16 24
Profit before tax 299 256 261 252 339 319 348 380 436 434 465 485
Tax % 35% 35% 36% 35% 35% 35% 35% 34% 34% 35% 36% 35%
Net Profit 194 167 168 163 221 207 228 250 290 281 298 315
EPS in Rs 2.48 2.14 2.15 2.09 2.83 2.65 2.92 3.20 3.71 3.59 3.81 4.03
Gross NPA % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net NPA % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
Revenue 945 1,140 955 1,209 1,784 2,570 3,279 3,715 4,214 4,694 5,559 7,088
Interest 379 594 504 575 990 1,410 1,769 1,958 2,048 2,228 2,657 3,588
474 549 417 515 546 688 932 1,061 1,266 1,322 1,451 1,632
Financing Profit 93 -3 34 119 248 472 578 696 899 1,143 1,451 1,868
Financing Margin % 10% -0% 4% 10% 14% 18% 18% 19% 21% 24% 26% 26%
Other Income 4 -18 53 14 52 1 1 0 2 3 0 21
Depreciation 18 26 17 10 10 22 25 30 22 39 51 57
Profit before tax 78 -48 70 123 289 452 554 666 879 1,107 1,401 1,832
Tax % 39% 61% 24% 31% 42% 32% 34% 33% 35% 35% 34% 35%
Net Profit 47 -19 53 85 169 308 368 444 575 719 919 1,198
EPS in Rs 1.68 0.00 1.44 1.36 2.47 4.19 5.02 5.99 7.14 9.06 11.76 15.32
Dividend Payout % 44% -0% 13% 21% 20% 16% 14% 11% 12% 12% 11% 8%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:20.05%
5 Years:16.67%
3 Years:18.93%
TTM:27.51%
Compounded Profit Growth
10 Years:59.44%
5 Years:26.61%
3 Years:27.74%
TTM:30.32%
Return on Equity
10 Years:17.67%
5 Years:18.80%
3 Years:19.75%
Last Year:21.14%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

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 477 347 386 943 1,271 1,809 2,144 2,530 3,513 4,141 4,969 6,052
Borrowings 5,400 5,391 5,469 7,949 11,444 15,269 18,075 19,450 22,546 24,071 38,330 50,567
479 1,103 1,070 753 669 1,029 1,204 1,765 1,691 2,243 711 715
Total Liabilities 6,408 6,908 6,991 9,764 13,517 18,250 21,566 23,889 27,907 30,612 44,167 57,490
66 45 20 37 56 73 74 69 120 150 170 167
CWIP 2 0 0 0 0 0 0 0 0 0 4 14
Investments 126 321 174 10 10 172 39 25 16 182 23 42
6,215 6,541 6,797 9,717 13,450 18,006 21,452 23,795 27,771 30,280 43,970 57,267
Total Assets 6,408 6,908 6,991 9,764 13,517 18,250 21,566 23,889 27,907 30,612 44,167 57,490

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
-2,005 789 -1,152 -3,251 -3,574 -3,754 -2,447 -2,264 -2,809 -1,468 -7,926 -9,317
-261 -507 545 207 55 5 -83 -40 -137 -222 -60 -11
2,361 402 78 2,771 3,602 4,067 2,749 1,819 3,031 1,692 8,009 12,191
Net Cash Flow 95 683 -528 -274 83 317 219 -485 85 2 22 2,862

Ratios Consolidated Figures in Rs. Crores / View Standalone

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 % 11% -2% 6% 9% 12% 18% 17% 16% 17% 18% 20% 21%

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