M&M Financial spurts after good Q3 numbers

M&M Financial Services jumped 6.13% to Rs 373.85 after consolidated net profit grew 18.2% to Rs 471.65 crore on a 14% rise in total income to Rs 3,094.21 crore in Q3 December 2019 over Q3 December 2018.

Consolidated profit before tax (PBT) dropped 5.4% to Rs 628.76 crore in Q3 December 2019 as against Rs 664.76 crore in Q3 December 2018. Tax expense, during the quarter slumped 89.7% to Rs 18.45 crore as compared to Rs 179.10 crore in corresponding quarter, previous year. The Q3 earnings were announced after trading hours yesterday, 28 January 2020.

During Q3 December 2019, the company's customer base crossed 6.6 million. The standalone Assets Under Management (AUM) stood at Rs 75,884 crores as on 31 December 2019, as against Rs 65,575 crore as on corresponding reporting date last year, registering a growth of 16%.

Mahindra & Mahindra Financial Services (MMFSL) is primarily engaged in providing financing for new and pre-owned auto and utility vehicles, tractors, cars and commercial vehicles. The company also provides housing finance, personal loans, financing to small and medium enterprises, insurance broking and mutual fund distribution services. MMFSL has 1,291 offices and reaches out to customers spread over 3.5 lakh villages and 7,000 towns across India.

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