Q3FY13 - Result Highlights
The Company that commenced business as an equipment financing company has now emerged as a comprehensive financial services solution provider that offers vehicle finance, business finance, home equity loans, stock broking and distribution of financial products to its customers, reported its financial results for the quarter ended 31st Dec, 2012. The third quarter witnesses a healthy increase in overall sales as well as profitability on account of increasing branch networks across the India.
The company?s net profit jumps to Rs815.10 mn against Rs405.60 mn in the corresponding quarter ending of previous year, an increase of 100.96%. Revenue for the quarter rose by 40.65% to Rs6689.70 mn from Rs4756.20 mn, when compared with the prior year period. Reported earnings per share of the company stood at Rs6.15 a share during the quarter, registering at 80.85% increase over previous year period. EBITDA is Rs5013.90 mn as against Rs3446.00 mn in the corresponding period of the previous year.
Latest Updates
- Cholamandalam Investment & Finance has approved raising of Tier I capital up to Rs300 crores by an issue of Securities, through private placement including by way of a ?Qualified Institutions Placement?.
- Cholamandalam Investment & Finance has declared an interim dividend of 25% being Rs2.50 per share on the equity shares of the Company for the year ending March 31, 2013.
- The Company has launched its home loan business during the later part of the quarter and disbursed Rs0.60 Cr. in this regard.
- The aggregate disbursements of the Company for the quarter are Rs3114 Cr. as against Rs2283 Cr. in Q3 of 2011 - 12 registering a growth of 36%.
- The Company has expanded its presence to 506 branches as on 31st December 2012 compared to 375 as on 31st March 2012. The additional branches are in Tier III and Tier IV locations across India.
- The Company raised Tier II capital of Rs593 Cr. during the period ended 31st December 2012 by way of subordinated debt and perpetual debt instruments.
Valuation: At the current market price of Rs272.00, the stock P/E ratio is at 10.89 x FY13E and 7.57 x FY14E respectively. Net Sales and PAT of the company are expected to grow at a CAGR of 39% and 78% over 2011 to 2014E respectively.
The company's surplus scenario is likely to continue for the next three years, will keep its growth story in the coming quarters also.? Investors are recommended to buy the stock for a price target of Rs307 for Medium to Long term investment
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