Cholamandalam Investment and Finance Company (511243) Q3 24/25 earnings summary

Executive summary

• Disbursements for Q3 FY25 reached INR 25,806 crores, up 16% year-over-year; YTD disbursements at INR 74,452 crores, up 16% year-over-year.

• Total AUM stands at INR 189,141 crores, a 34% increase year-over-year.

• Net income for Q3 FY25 was INR 3,541 crores, up 37% year-over-year; PAT at INR 1,087 crores, up 24% year-over-year.

• PBT for Q3 FY25 was INR 1,464 crores, up 27% year-over-year; YTD PBT at INR 4,031 crores, up 28%.

• Interim dividend of INR 1.30 per share (65%) approved for FY25.

Financial highlights

• Q3 FY25 consolidated income grew 35% year-over-year to INR 6,837 crores; YTD income up 37% to INR 19,016 crores.

• Vehicle finance disbursement grew 16% in Q3 to INR 14,390 crores; YTD up 12%.

• Loan against property (LAP) disbursement up 23% in Q3 to INR 4,205 crores; YTD up 33%.

• Home loans disbursed INR 1,820 crores in Q3, up 15%; YTD up 17%.

• CSEL Q3 disbursements up 14% year-over-year; YTD up 28%.

Outlook and guidance

• Management maintains 25% growth target for the next financial year.

• Credit cost for next year expected to be lower than current year; Q4 performance anticipated to be better than Q3.

• Home loan and LAP segments expected to deliver 15% and 25% disbursement growth, respectively, with AUM growth of 25-40%.

• Vehicle Finance: cautious on HCV and SCV segments due to industry degrowth; focus on LCV, PV, and used vehicles.

• LAP: sector expected to grow 22–24%; focus on retail and tier 3/4 markets, with margin pressure from higher funding costs.