Mahindra & Mahindra Financial Services

Non-bank lender Mahindra and Mahindra Financial Services on Wednesday reported a 10 per cent drop in consolidated net profit for the December quarter to Rs 826 crore. The company had posted a consolidated net profit of Rs 918 crore in the year-ago period. On a standalone basis, its net profit dropped 10 per cent to Rs 810 crore as against Rs 899 crore in the year-ago period. The company clarified that the implementation of the new labour code led to an impact of Rs 97 crore during the quarter, and added that the profit in the year-ago period included a provision of Rs 436 crore. Adjusted for the one-time provision on labour code and the release of the provisions in the year-ago period, the profit after tax nearly doubled to Rs 907 crore during the quarter. Its core net interest income grew 27 per cent to Rs 2,661 crore during the reporting quarter, on the back of a 0.9 per cent expansion in the NII margin to 7.5 per cent and a 12 per cent jump in the loan book. On the asset quali

Among others - Ashok Leyland, India Cements, Laurus Labs, Federal Bank, Shriram Finance, Hindalco, Vedanta and NALCO shares were also trading at life-time highs in Monday's trading session.

M&MFS has a deep rural presence across 500,000 villages and a 12 million customer base

The brokerage expects credit costs to normalise by FY27 and FY28 while noting that weak asset quality and elevated near-term credit costs will weigh on profitability

Strong tractor financing, healthy SME growth, and stable asset quality boost Mahindra Finance's second-quarter performance in FY26

Among the said list of companies, Computer Age Management Services has declared the highest dividend, announcing a final dividend of ₹19 per share for financial year 2024-25 (FY25)

The Reserve Bank of India (RBI) on Friday said it has imposed penalties on Indian Bank and Mahindra & Mahindra Financial Services for certain deficiencies in regulatory compliance. A penalty of Rs 1.61 crore has been imposed on Indian Bank for contravention of certain provisions of Banking Regulation Act and non-compliance with some directions on 'Interest Rate on Advances', 'Kisan Credit Card (KCC) Scheme' and 'Lending to Micro, Small and Medium Enterprises (MSME) Sector'. In another release, the RBI slapped a fine of Rs 71.30 lakh on Mahindra & Mahindra Financial Services Limited for non-compliance with certain provisions of the 'Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016' and Know Your Customer Directions. In both cases, the central bank said penalties are based on deficiencies in regulatory compliance and not intended to pronounce upon the validity of any transaction or ...

Q4 FY25 company results today, April 22: Mahindra & Mahindra Financial Services, AU Small Finance Bank, and Havells India will be among 17 firms to post earnings report for the January-March quarter

CreditAccess, L&T Fin, RBL Bank, Poonawalla Fincorp, Five-Star Business Finance, Ujjivan SFB, Shriram Finance, Cholamandalam, M&M Financial, AU SFB and Bandhan Bank were up in the range of 4% - 15%.

M&M Finance's net interest income (NII) margin for Q2FY25 remained flat at 6.5 per cent, while gross non-performing assets rose to 3.83 per cent, from 3.56 per cent earlier

Mahindra and Mahindra Financial Services on Tuesday reported a 45 per cent jump in June quarter net profit to Rs 513 crore. The non-bank lender had reported a net profit of Rs 353 crore in the year-ago period. The core net interest income grew 15 per cent to Rs 1,932 crore and the interest margin narrowed to 6.6 per cent from 7.1 per cent in the same period of the previous quarter. Its total income grew 20 per cent to Rs 3,760 crore during the reporting quarter, and the assets under management were up 23 per cent at Rs 1.06 lakh crore. Its credit costs declined to Rs 448 crore from the Rs 526 crore in the year-ago period, helping in the profit growth. In a statement, it said the collection efficiency remained at 94 per cent and the non-performing assets were also within the thresholds. The company scrip closed at Rs 295.90 apiece on the BSE on Tuesday, 1.16 per cent higher than its previous close.

However, he will continue with the company beyond his notice period, till October 31, 2024, to ensure a smooth transition

Mahindra & Mahindra Financial Services on Tuesday said it has appointed Mahesh Rajaraman as Chief Risk Officer (CRO) of the company with effect from August 1, 2024. In a regulatory filing, Mahindra Finance said Mallika Mittal has tendered her resignation and ceased to be the CRO of the company with effect from May 17. Mittal would be exploring opportunities externally as per her resignation letter. Her resignation would be effective from close of business hours on November 16, 2024, when she would cease to be employee of the company, it added. The Non-banking Finance Company (NBFC) said in the interim period that Gaurav Verma, Head Underwriting & Product Policy, would exclusively oversee the risk management function and would be responsible for the responsibilities under the role of CRO until Rajaraman joins as the CRO. Rajaraman, who has been appointed for a 5-year term, holds 29 years of experience in the banking sector with demonstrated ability in leading and building ...

Stock down 5.5 per cent at close on BSE

Mahindra & Mahindra Financial Services has deferred its Q4 earnings meeting and subsequent announcement due to fraud detected by the company

The net profit of the company stood at Rs 629 crore in Q3 FY23. However, sequentially, the profit increased by 135 per cent from Rs 235 crore in Q2 FY24

The company will initially invest Rs 5 crore to Rs 10 crore towards technology, hiring and training and certification

In Q2FY24, net profit plummeted by 48 per cent Y-o-Y, while core profit before tax increased by 10 per cent Y-o-Y. This miss was largely due to higher provisions (up by 216 per cent Y-o-Y)

For the first half of FY2024, Rs 25,500 crore was disbursed, leading to a growth of 20 per cent YoY

In terms of the framework, once an NBFC is classified as NBFC-UL, it shall be subject to enhanced regulatory requirement, at least for a period of five years