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Cholamandalam Investment and Finance Co. reported a Q4 FY21 profit after tax of Rs 2.4 billion, 55% miss on higher-than-expected employee expenses and credit costs.
The profit after tax miss belies the healthy on the-ground operating performance.
Disbursements/assets under management grew 43%/16% YoY, while asset quality was stable.
In FY21, the company delivered net interest income/pre-provision operating profit/profit after tax growth of 32-44% YoY.
It also increased its total provision buffer by 90 basis points to 3.6% in FY21.
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