Mahindra Finance Q2 profit soars 2-folds to Rs 381 cr

Mahindra & Mahindra Financial Services (Mahindra Finance) Wednesday reported more than two-fold jump in standalone net profit at Rs 381 crore for the July-September quarter, helped by increase in revenue from operations and other income.

The company had posted a net profit of Rs 164 crore in the corresponding July-September quarter of 2017-18.

Its income increased by 39 per cent to Rs 2,148 crore during the second quarter of 2018-19, as against Rs 1,540 crore in the same period of the preceding fiscal, Mahindra Finance said in a regulatory filing.

The total value of assets financed for the half year ended September 30, 2018, was Rs 21,194 crore as against Rs 15,206 crore during the same period previous year, registering a growth of 39 per cent, it said.

Total Assets Under Management (AUM) stood at Rs 59,473 crore as on September 30, 2018, up 26 per cent as against Rs 47,213 crore a year ago.

Mahindra Finance said its customer base crossed 5.6 million during the period ended September 2018 and had an asset under management (AUM) of Rs 820 crore.

The company provides financial services in rural and semi-urban markets. It offers vehicle and tractor financing as well as fixed deposits and loan services to small and medium enterprises.

Mahindra Insurance Brokers, Mahindra Rural Housing Finance, Mahindra Asset Management Company and Mahindra Finance are its subsidiaries.

The company said it has opted to publish only standalone financial results, pursuant to option made available as per regulations of SEBI on listing obligations and disclosure requirements.

Shares of the company closed 7.54 per cent higher at Rs 401.35 on BSE.