Mahindra & Mahindra Financial Services net up 34% at Rs 2.69 billion

Mahindra & Mahindra Financial Services posted a 34 per cent rise in its net profit to over Rs 2.69 billion for the first quarter of the current fiscal ended June 2018 on robust growth interest income and better recoveries. The company had registered a net profit of Rs 2.01 billion April-June quarter last year. Its year-on-year income up was up by 29 per cent, at Rs 19.40 billion. The total assets under management rose by 21 per cent at Rs 587.11 billion from the year-ago period. The growth was higher in the pre-owned and commercial vehicle segment, and has gained market share in its lead products. Ramesh Iyer, its vice chairman, said collection efficiency in the first quarter had been maintained at levels higher than the previous year.