Strong guidance for FY25; earnings beat led by lower credit costs

03 May 2024
5 Min read 
  • Cholamandalam Inv. & Finance (CIFC) 4QFY24 PAT grew ~24% YoY to INR10.6b.
  •  AUM rises ~37% YoY; opex elevated due to incentive & CSR expenses.
  •  Management expects the fee income to continue growing in line with business growth.
  •  Guidance for strong AUM growth and RoA expansion in FY25.
  •  Management guided for FY25 disbursement growth of ~20-25% and AUM growth of ~25-30%.
  •  Reiterate BUY rating on the stock with a revised TP of INR1,500.
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