Mahindra Finance soars after collection efficiency hits 95% mark in July'21

Mahindra & Mahindra Financial Services jumped 4.63% to Rs 156.05 after the company said that its collection efficiency further improved to approximately 95% in July 2021, up from approximately 90% in June 2021.

The NBFC said that during the month of July 2021, the company saw macro sentiments turning positive with normalcy returning. The disbursement during the month at approximately Rs. 2,400 crore, more than doubled over a smaller base in July 2020.

The NPA contract counts showcased stability and a declining trend. The company expects a meaningful reduction in number of NPA contracts in August 2021 and September 2021 with improved mobility and customer cash flows.

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

The NBFC reported a consolidated net loss of Rs 1,573 crore in Q1 FY22 as against a net profit of Rs 432 crore in Q1 FY21. Total income during the quarter declined by 15.1% YoY to Rs 1,416 crore.

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