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ICICI Securities Report
Cholamandalam Investment and Finance Company Ltd.’s main narrative in FY23 and possibly in near future will be that of 'Expanding Horizons'. This is amply reiterated in its FY22 annual report.
While diversification cuts across as a common business strategy for vehicle financiers, Cholamandalam possibly outperforms peers in presenting more concerted efforts and outcomes like-
already significant progress (12% of total disbursements in Q4 FY22) in new segments,
complementary acquisitions like Payswiff and
stress on building complementary organic skill through analytics appropriate to new segments like Acquisition Scorecard, early warning models and also requisite hiring.
The company stresses on 'ambitious growth plans for FY23'. Successful execution of these strategies will cement the high multiples enjoyed by the company. The combination of commercial vehicle up cycle and well drafted new segment strategy does offer earnings tailwinds in FY23.
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