Chennai: Cholamandalam Investment and Finance Company Ltd has recorded a standalone profit for the quarter ending December 31, 2021 at Rs 523.79 crore, the company said on Tuesday. The city-based financial services division of diversified conglomerate Murugappa Group company had registered standalone net profits at Rs 408.86 crore during the corresponding quarter previous year.
For the nine-month period ending December 31, 2021, the standalone profit grew to Rs 1,457.13 crore from Rs 1,271.70 registered same period last fiscal.
Total income for the quarter under review on a standalone basis was at Rs 2,530.22 crore as against Rs 2,504.86 crore registered in the same period last fiscal.
Total income for the nine-month period ending December 31, 2021 surged to Rs 7,467.92 crore from Rs 7,058.29 crore registered a year ago.
The company said it has executed a “shareholders agreement” and a “share purchase agreement” on January 17 with Payswiff Technologies Pvt Ltd, its founders and other existing shareholders towards strategic investment in the equity shares of Payswiff up to a sum not exceeding Rs 450 crore in one or more tranches.
“This will result in the company holding up to 72.12 per cent of the equity capital of Payswiff on a fully diluted basis and consequently it will become a subsidiary of the company,” it said.