M&M Financial Services Q2 net up 42% at Rs 193 cr

Mahindra & Mahindra Financial Services posted a 42% increase in its consolidated profit at Rs 193 crore for the second quarter ended September 30 compared with the same quarter the previous fiscal. The total income during the quarter grew by 46% to Rs 976 crore.

For the first half of the current fiscal, the net profit stood at Rs 364 crore recording a growth of 50% compared with the corresponding period last year. The total income increased to Rs 1,862 crore compared with Rs 1,248 crore in the corresponding period last fiscal.

On a standalone basis the company posted a 38% growth in net profit at Rs 188 crore for the quarter ended September 30 compared with the growth recorded in the same period the previous fiscal. The total income grew by 44% during the quarter at Rs 929 crore.

The net profit was at Rs 349 crore during the first half of the current financial year recording a growth of 47%. While the total income increased to Rs 1,768 crore during the same period compared with Rs 1,206 crore in the corresponding period last year.

The company has improved its performance as a car and utility vehicle financier and achieved growth in financing of light and heavy commercial vehicles and construction equipment, said a press release issued by the company.