Mahindra and Mahindra Financial Services has soared 7% to Rs 220 after reporting a healthy 43% year-on-year (yoy) growth in its consolidated net profit at Rs 346 crore for the four quarter ended March 2013 (Q4) on the back of growth in loan disbursements in the semi-urban and rural areas.
The net profit also includes profit of Rs 30 crore from a one-time gain on account of stake sale in one of the subsidiaries. The non-banking finance company had profit of Rs 242 crore in year ago quarter.
The company’s total income in the reporting period jumped 33% to Rs 1,126 crore on yoy. “Disbursements grew 22% in the financial year ended March 31, 2013,” the company said in a statement.
The stock opened at Rs 216 and hit a high of Rs 224 on NSE. A combined 782,628 shares have already changed hands on the counter till 0937 hours against average around one million shares that were traded daily in past two weeks on NSE and BSE.
The net profit also includes profit of Rs 30 crore from a one-time gain on account of stake sale in one of the subsidiaries. The non-banking finance company had profit of Rs 242 crore in year ago quarter.
The company’s total income in the reporting period jumped 33% to Rs 1,126 crore on yoy. “Disbursements grew 22% in the financial year ended March 31, 2013,” the company said in a statement.
The stock opened at Rs 216 and hit a high of Rs 224 on NSE. A combined 782,628 shares have already changed hands on the counter till 0937 hours against average around one million shares that were traded daily in past two weeks on NSE and BSE.
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