Mahindra Finance, the non-banking financial arm of auto major Mahindra & Mahindra, reported a 31 per cent increase in consolidated net profit to Rs 143.8 crore for the quarter ended March 31, 2010, as against Rs 109.9 crore a year ago. Over the same period, consolidated total income grew 20 per cent to Rs 482.85 crore from Rs 401.5 crore for the quarter ended March 31, 2009.
On a standalone basis, Mahindra Finance reported a 30 per cent growth in net profit to Rs 140 crore for the quarter ended March 31, 2010 from Rs 108 crore a year ago.
For the financial year up to March 31, 2010, the company posted a net profit of Rs 342.70 crore as compared to Rs 214.52 crore in the previous financial year. The company has managed to bring down its net non-performing assets (NPAs ) to below 1 per cent in the financial year up to March 31, 2010 from 2.5 per cent at the end of the last financial year, according to Mahindra Finance Managing Director Ramesh Iyer.
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