Cholamandalam Invt. & Finance is a leading vehicle finance company with a significant home finance exposure. Within the vehicle finance space, its focus is on small transport operators and self employed where the yields are higher. The company has a fabulous track recorded and has been a consistent performer; leaps ahead of peer group companies. Large footprint of branches, sharp lending practices and control over NPAs are key strengths. Recent covid-19 pandemic has impacted disbursals and spike in credit costs. However, this damage will be transient and business will pick up due to better auto OEM sales and increased activity in the secondary market. We have an over weight rating due to reasonable valuations, good growth prospects, adequate headroom to grow and exceptional management quality – 06-08-2021 Price: 528.60 Rating: Over Weight Recommendation: Buy
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