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.
(What’s moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.)
Download The Economic Times News App to get Daily Market Updates & Live Business News.
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. (What’s moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.) Download The Economic Times News App to get Daily Market Updates & Live Business News.