M&M Finance Q1 net up 52% at Rs 43 cr

Mahindra & Mahindra Financial services, non-banking finance comapny and a part of the Mahindra group, reported a 52.48 per cent increase in the consolidated net profit to Rs 43.16 crore during the quarter ended June 2009 as against Rs 28.30 crore in the corresponding quarter last year.

On a consolidated basis, the total income increased by 10.61 per cent to Rs 336 crore as against Rs 303.78 crore in April-June 2008.

Mahindra rural housing finance reported a profit of Rs 19 lakh during the first quarter as compared to a loss of Rs 38 lakh in the corresponding quarter last year. The housing finance company recorded an increase in the disbursals to Rs 11.99 crore as against Rs 4.75 crore in April-June 2008.

During the quarter, the company's broking business Mahindra Insurance Brokers registered 53 per cent growth to Rs 2.95 crore.

Shares of the company closed at Rs 259.75, up 0.78 per cent on the Bombay Stock Exchange.