Cholamandalam DBS posts impressive performance

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Chennai, Apr 25 (UNI) Cholamandalam DBS Finance Limited, a joint venture between Rs 8,500 crore Murugappa Group and DBS Bank in Singapore, has posted an impressive performance for the year ended March 31, 2008, with a Profit Before Tax (PBT) and revenue increase of 92 per cent and 118 per cent, respectively.

The company has reported a higher Profit After Tax (PAT) of Rs 59.37 crore for the year ended March 31, 2008, compared to Rs 31.02 crore, last year. The total income was higher at Rs 891.73 crore compared to Rs 409.14 crore in the previous year, a company release said here today.

The consolidated PBT, including all subsidiaries, was higher by 72 per cent at Rs 78.17 crore as compared to Rs 45.55 crore last year. The PAT was up by 73 per cent at Rs 47.33 crore as compared to Rs 27.39 crore for the previous year.

The company continued to improve it's performance and profitability across businesses despite volatile market situations.

The improved profitability had been mainly due to operating efficiencies, change in product mix and high cross sell initiatives.

The fourth quarter results recorded a growth of 67 per cent in revenue over the corresponding period last year. The revenue stands at Rs 267 crore as against Rs 160 crore during the same period in the previous financial year.

The PBT was Rs 16.58 crore in the quarter ended March 2008 as compared to Rs 23.61 crore last year. This includes Rs 4.63 crore provision on diminution in mark-to-market value of foreign currency derivative transactions.

The consolidated revenue, including all subsidiaries, for the quarter was at Rs 282 crore as compared to Rs 165 crore during the same period last year and the PBT stands at Rs 9.55 crore as compared to Rs 21.26 crore during the same period last year.

The company's managed asset base increased to Rs 8,077 crore from Rs 4,485 crore of the previous year backed by a strong retail disbursement growth of 94 per cent, the release added.


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