New Delhi, Apr 30 (PTI) Cholamandalam Investment and Finance Company on Tuesday reported a 24.5 per cent rise in net profit to Rs 1,065 crore for the March quarter on account of an increase in core business.

The Murugappa Group firm had earned a consolidated profit of Rs 855 crore during the corresponding quarter of the previous year.

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During the quarter, the company's total income increased to Rs 5,499 crore as against Rs 3,835 crore a year ago, Cholamandalam Investment and Finance Company said in a regulatory filing.

Interest income grew to Rs 4,938 crore during the period under review from Rs 3,499 crore in the year-ago period.

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Total expense rose to Rs 4,071 crore compared to Rs 2,672 crore in the fourth quarter of FY23.

The board recommended a final dividend of 70 paise per share (35 per cent per share of face value of Rs 2 each) for the year ended March 2024, it said.

On the asset quality side, the company's gross Non-Performing Assets (NPAs) were reduced to 3.54 per cent of gross advances as of March 31, 2024, from 4.63 per cent by the end of March 2023.

Net NPAs also came down to 2.32 per cent of the advances from 3.11 per cent at the end of 2023.

Provision Coverage Ratio climbed to 35.18 per cent as against 33.77 per cent at the end of March 2023.

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