Chennai, Feb 11 (PTI): Cholamandalam Financial Holdings Ltd has reported a standalone net loss at Rs 1.28 crore for the quarter ending December 31, 2021, the company said on Friday.

The city-based Murugappa Group company had registered a standalone net loss at Rs 3.48 crore during corresponding quarter previous fiscal.

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Net profits for the nine month period ending December 31, 2021 grew to Rs 19.21 crore as against a net loss at Rs 10.26 crore registered in same period of last financial year.

Total income on standalone basis was at Rs 2.27 crore during the quarter under review as against Rs 2.35 crore registered in same period of last financial year.

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Total income on standalone basis for the nine month period ending December 31, 2021 grew to Rs 32.66 crore from RS 7.40 crore registered in same period last fiscal.

Cholamandalam Investment and Finance Company Ltd, in which the company holds 45.42 per cent stake had several positives like pent-up demand, good monsoon and uptrend in economic indicators like tax collections, power consumption, vehicle registrations, highway toll collections and e-way bills.

"This led to a sharp recovery in CIFCL disbursements and collections during Q3 FY22. The Profit After Tax for the quarter ending December 31, 2021 was at Rs 524 crore as compared to Rs 409 crore registered in the corresponding quarter of previous year," the company said.

Assets under management grew by four per cent to Rs 79,161 crore as at December 31, 2021 as compared to Rs 75,813 crore as at December 31, 2020, the company said.

Cholamandalam MS General Insurance Company Ltd, a subsidiary in the general insurance business, registered a gross written premium of Rs 1,438 crore during the quarter ending December 31, 2021 as against Rs 1,271 crore in the corresponding quarter of previous year.

Profit After Tax for the quarter ending December 31, 2021 was at Rs 16 crore as against Rs 47 crore registered in corresponding quarter of the previous year.

"The reduction in PAT was primarily on account of Covid-19 claims of Rs 7.40 crore and accelerated amortisation of deferred acquisition costs of Rs 109.10 crore.", the company said.

Cholamandalam MS Risk Services Ltd, a joint venture company said it registered a total income of Rs 16.51 crore for the quarter ending December 31, 2021 as against Rs 13.31 crore registered in same quarter of previous year.

Profit After Tax for the quarter ending December 31, 2021 was at Rs 2.24 crore as against Rs 3.57 crore registered during corresponding quarter of previous year, the company said.

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