Mahindra Finance gains after arm signs MoUs for leasing 1000 EVs

Mahindra and Mahindra Financial Services rose 1.62% to Rs 207.50 after the company's vehicle leasing and subscription arm, Quiklyz, signed memorandum of understandings (MoUs) with five last mile mobility players to deliver 1000 electric 3-wheelers.

Quiklyz plans to deliver these leased vehicles over the next six months, spread across India deliveries, opening up newer opportunities in EV leasing. The three-wheeler electric vehicles will be used primarily for delivery and logistics purposes.

Quiklyz has already provided leasing solutions to over 1000 electric vehicles over the last 12 months including passenger vehicles and three-wheelers. It currently has the largest portfolio of EVs in Last Mile Mobility on its leasing and subscription platform; in collaboration with major EV manufacturers.

Raul Rebello, COO, Mahindra Finance said, "India's transition to EV has accelerated in the last few years which has given a major boost to the Indian EV financing ecosystem. With these recent partnerships our aim is to be early adopters of this disruptive technology, our way of contribution in India achieving its goal of becoming carbon-neutral by 2070."

Mahindra & Mahindra Financial Services (Mahindra Finance) is a Non-Banking Financial Company ('NBFC') engaged in providing asset finance through its pan India branch network.

On consolidated basis, the company's net profit declined 55.4% to Rs 490.38 crore despite of 2% rise in total income to Rs 3041.13 crore in Q2 FY23 over Q2 FY22.

Powered by Capital Market - Live News