homefinance NewsCollections improving, hope to catch lost business during COVID, says Cholamandalam Investment
Collections improving, hope to catch lost business during COVID, says Cholamandalam Investment
Speaking to CNBC-TV18, Arulselvan D, Executive Vice President & CFO, Cholamandalam Investment and Finance said, “Because of the condition of the property documentation – it takes a little longer and a little bit cumbersome as you go interior. That is why we are careful to not to extend it in a very aggressive manner but we will be going down that segment as things improve.
Cholamandalam Investment's assets under management (AUM) and net interest income (NII) have grown at a compounded annual growth rate (CAGR) of 25 percent in the last 10 years. Profit has compounded at over 50 percent.
The company plans to grow gradually in the housing loan segment.
Speaking to CNBC-TV18, Arulselvan D, Executive Vice President & CFO, Cholamandalam Investment and Finance said, “Because of the condition of the property documentation – it takes a little longer and a little bit cumbersome as you go interior. That is why we are careful to not to extend it in a very aggressive manner but we will be going down that segment as things improve.
According to him, the auto industry should be coming back in its full form in FY22. “We are gearing ourselves to grow faster and catch up with what we lost in the COVID-19 period,” he said.
Arulselvan expects the current quarter to be the toughest quarter.
“Post moratorium, there are certain segments which are not out of its COVID-19 pressure like school bus segment, employee transport buses and to some extent heavy commercial vehicles,” he said.
However, the company sees improvement in the collection on a month-on-month (MoM) basis, and good traction from its moratorium customers.
Arulselvan added that the rural segment was doing well because of the good monsoon.
“More than 85 percent of our branches are in the rural segment. We are confident that these segments will continue to grow,” he said.
For the entire conversation, watch the video..
(Edited by : Ankit Gohel)
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