Any current/future new fundraising through debt or equity?

The Board of Directors of Cholamandalam Home Finance has approved an equity infusion of Rs. 25 crores in Cholamandalam Securities, a wholly owned subsidiary, subject to regulatory approval. No specific details about other new fundraising through debt or equity were discussed on page 21 or the surrounding pages. On the borrowing front, the company is focused on managing cost of funds with incremental costs around 6.9% on an AUM basis and 8% on a borrowing level. There is no explicit mention of plans for any large-scale new debt or equity fundraising in the immediate future in the provided

Any current/future capex/capital investment/strategic investment?

The company has made large investments into a corporate office, including purchasing land (Page 10). Approximately 20% of branches are being relocated to larger premises due to space needs; around 300 branches were expanded or relocated in the last financial year (Page 20). There are 545 RLH locations operational for Vehicle Finance that will be converted into full branches once they hit required thresholds, with provisions being created for other business lines as they start growing (Page 20). The company is experimenting with Taluka level (Tier-3 and Tier-4 rural market) expansions, piloting

Future growth expectations in sales/revenue/volumes?

The company targets overall AUM growth of around 25% (Page 11, Page 6). Vehicle Finance disbursement growth is expected at 20%, with AUM growth around 25% (Page 8, Page 6). Home Loan (HL) segment anticipates growth better than the industry average of 14-17%, targeting around 25% growth in the near term (Page 17). New businesses (CSEL, SME, SBPL) expect improving profitability with phased OPEX reduction, driving growth and ROA expansion over 1-2 years (Page 7, Page 6). Expansion plans include opening new branches and relocating existing ones to enhance geographical reach and capacity, e

Future growth expectations in earnings/operating earnings/profits/EPS?

Management expects overall AUM growth of around 25% to 30% over the next few years, with disbursement growth in the range of 20% to 25%. (Page 10, 16, 19) New business segments like CSEL, SME, and SBPL are projected to improve their profitability via reduced OPEX and better productivity, aiming for ROA increases over the next 2 years. (Page 6, 7, 19) The company anticipates margin improvements due to stabilized cost of funds and higher incremental yields from Vehicle Finance and higher-yielding businesses. (Page 7, 19) Operating expenses (OPEX) are expected to stabilize below 3% of AUM, with o

Cholaman.Inv.&FnQ4 FY24Finance

Cholaman.Inv.&Fn Q4 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹1,580P/E: 24.7Market Cap: ₹1.4L CrSector: Finance

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

The company targets overall AUM growth of around 25% (Page 11, Page 6).
Vehicle Finance disbursement growth is expected at 20%, with AUM growth around 25% (Page 8, Page 6).
Home Loan (HL) segment anticipates growth better than the industry average of 14-17%, targeting around 25% growth in the near term (Page 17).
New businesses (CSEL, SME, SBPL) expect improving profitability with phased OPEX reduction, driving growth and ROA expansion over 1-2 years (Page 7, Page 6).
Expansion plans include opening new branches and relocating existing ones to enhance geographical reach and capacity, especially co-located with Vehicle Finance branches (Page 21).
Growth projections are conservative with a watch on macro factors like monsoon and elections, but overall positive with robust demand in used vehicles, passenger vehicles, and SME loans (Page 8, Page 5).

Margin guidance

Category 3

Management expects overall AUM growth of around 25% to 30% over the next few years, with disbursement growth in the range of 20% to 25%. (Page 10, 16, 19)
New business segments like CSEL, SME, and SBPL are projected to improve their profitability via reduced OPEX and better productivity, aiming for ROA increases over the next 2 years. (Page 6, 7, 19)
The company anticipates margin improvements due to stabilized cost of funds and higher incremental yields from Vehicle Finance and higher-yielding businesses. (Page 7, 19)
Operating expenses (OPEX) are expected to stabilize below 3% of AUM, with one-offs in Q4; cost efficiencies and branch productivity will support earnings growth. (Page 7)
Expected return on assets (PBT ROA) for FY24 was 3.6%; new businesses’ ROA will improve towards or above company averages. (Pages 11, 19)
Credit costs in newer segments like SBPL may rise modestly but should be offset by OPEX savings and yield improvements. (Page 10, 19)

See what Cholaman.Inv.&Fn management said on margin guidance — free account, 30 seconds.

Fundraise plans

The Board of Directors of Cholamandalam Home Finance has approved an equity infusion of Rs. 25 crores in Cholamandalam Securities, a wholly owned subsidiary, subject to regulatory approval.
No specific details about other new fundraising through debt or equity were discussed on page 21 or the surrounding pages.
On the borrowing front, the company is focused on managing cost of funds with incremental costs around 6.9% on an AUM basis and 8% on a borrowing level.
There is no explicit mention of plans for any large-scale new debt or equity fundraising in the immediate future in the provided transcript.
Overall, the company emphasizes managing costs and margins rather than seeking major new fundraises at this stage.

Order book

Yes

The provided pages from the document do not include any specific information regarding the current, expected order book, or pending orders for Cholamandalam Investment & Finance Company Limited. The discussions primarily focus on funding costs, risk provisions, business segment performance, credit costs, growth outlook in AUM and disbursements, competition, and operational efficiencies. There is no mention or data related to order books or pending orders in these excerpts.

See what Cholaman.Inv.&Fn management said on order book — free account, 30 seconds.

Capex plans

Yes

The company has made large investments into a corporate office, including purchasing land (Page 10).
Approximately 20% of branches are being relocated to larger premises due to space needs; around 300 branches were expanded or relocated in the last financial year (Page 20).
There are 545 RLH locations operational for Vehicle Finance that will be converted into full branches once they hit required thresholds, with provisions being created for other business lines as they start growing (Page 20).
The company is experimenting with Taluka level (Tier-3 and Tier-4 rural market) expansions, piloting projects to broaden reach in new geographies in the second half of the year (Page 17).
Continued expansion of branches and controlled opening of RLS with limited manpower, followed by scaling once volume thresholds are reached (Page 7).

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