M&M Finance Q4 PAT declines 8% YoY to Rs 219 cr

Mahindra & Mahindra Financial Services (M&M Finance) reported 8.4% decline in consolidated net profit to Rs 218.84 crore on 3% fall in total income to Rs 3038.37 crore in Q4 March 2021 over Q4 March 2020.

The NBFC's profit before tax fell 16.6% to Rs 255.65 crore in Q4 March 2021 over Q4 March 2020. Pre-provisioning operating profit grew 2.8% year on year to Rs 1,152 crore in Q4 March 2021.

Provisions and writeoff rose 10.7% to Rs 910 crore in Q4 March 2021 from Rs 822 crore in Q4 March 2020. The company said disbursement for Q4 March 2021 declined 14% to Rs 6394 crore from Rs 7,452 crore posted in Q4 March 2020.

On a consolidated basis, the total income increased marginally by 1% at Rs 12,171 crore during the year ended March 2021, as against Rs 11,996 crore during the corresponding period last year. Profit Before Tax (PBT) stood at Rs 934 crore for the financial year ended March 2021, as against Rs 1,602 crore during the corresponding period last year, a decline of 42% over the same period previous year. Profit after tax (PAT) stood at Rs 780 crore during the year ended March 2021, as against Rs 1,086 crore during the corresponding period last year, a decline of 28% over the same period previous year.

During the financial year ended 31 March 2021, the total disbursements (amount financed) was at Rs 19,001 crore as against Rs 32,381 crore during the corresponding period last year, a decline of 41% over the same period previous year. The loan assets stood at Rs 64,608 crore as on 31 March 2021, compared to Rs 68,089 crore as on 31 March 2020. The Gross Stage 3 levels stood at 9.0% as on 31 March 2021, against 8.4% as on 31 March 2020.

The board of directors has recommended a dividend of Rs 0.80 per share on equity share.

M&M Finance is engaged in providing financing for new and pre-owned auto and utility vehicle, tractors and commercial vehicles.

Shares of M&M Financial Services rose 2.29% at Rs 178.85 on Friday.

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