Cholamandalam Investment and Finance Co. Ltd. (Chola) continues to make significant progress towards its long-term vision of becoming a financial powerhouse, said the firm’s top official.

“Chola has achieved record-breaking disbursals, collections, and profitability in FY24. Alongside this growth of our established businesses, our new ventures are making substantial contributions to both volume and value,” Chairman Vellayan Subbiah said in the annual report.

Vehicle finance grew 22%, property loans 46%, while home loans grew by 66%. Small and medium enterprises loans rose 27%, consumer and small enterprise loans by 64% and secured business and personal loans by 138%, he said.

On growth prospects, he said, commercial vehicle segment is expected to rise in single digits in FY25, while two-wheeler finance is expected to grow at a moderate pace this fiscal supported by a recovery in rural demand.

The construction equipment industry might see a moderation in demand in the near future after two years of double-digit growth. The tractor industry is expected to grow at a modest pace with expectations of normal monsoon and an uptick in rural demand.

Affordable Housing Finance segment is expected to maintain a healthy growth rate of 12-14% per annum on the back of a revival in demand.