Mahindra Fin net up 8% to Rs 30cr

BS 200 Scorecard

Mahindra & Mahindra Financial Services has posted 8 per cent growth in net profit over a 37 per cent growth in top line during the quarter ended September.The non-banking finance company's net profit grew to Rs 30.33 crore in from Rs 27.97 crore in the corresponding period of the last year.

Turnover during the period went up to Rs 196.52 crore from Rs 142.94 crore. Ramesh Iyer, managing director, M&M, said the results were not strictly comparable.

"In the first half of the last financial year, the company realised the benefit of of nearly Rs 7-8 crore on reversal of NPAs pertaining to the securitised pool. The company has done well in the second quarter, to manage to register a gross spread of 9 per cent against the industry average of 5-6 per cent," he said.

Analysts said 37 per cent growth in top line was more than the industry average of 25 per cent. The company's average number of contracts a month has gone up to 14,000 from the last year's figure of 10,000.