Mahindra Finance Q1 profit rises 34% at Rs 269 cr

Mahindra & Mahindra Financial Services today reported 34 per cent rise in its net profit to over Rs 269 crore for the first quarter of the current fiscal.

The company had registered a net profit of Rs 201.36 crore in the April-June quarter of last fiscal, 2017-18.

Its total income during the period rose to Rs 1,939.67 crore in April-June period of 2018-19 as against Rs 1,508.70 crore a year ago.

Mahindra Finance said its customer base crossed 55 lakh during the quarter under review and the total assets under management (AUM) stood at Rs 58,711 crore, up 21 per cent from the year-ago period.

The company said that during the quarter the growth has been higher in the pre-owned and commercial vehicle segment and also have gained market share in its lead products.

Collection efficiency in the first quarter has been maintained at levels higher than previous year.

Mahindra Finance's total value of assets financed for the June quarter was Rs 10338.68 crore as against Rs 7,639.90 crore during the same period previous year, registering a growth of 35 per cent.

The company said its Board of Directors at the meeting held today approved raising of funds by way of public issue of secured and/or unsecured non-convertible debentures upto Rs 10,000 crore in one or more tranches.

Focused on the rural and semi-urban sector, the company is mainly caters to tractor financing and also offers fixed deposits and loans to SMEs.

The Mahindra Finance stock closed 0.91 per cent up at Rs 517.20 on BSE.