M&M Finance suffers huge Q1 loss at Rs 1,529 cr on sharp rise in provisions

Makes expected credit loss provision of Rs 2,124 cr

Auto-financier Mahindra and Mahindra Financial Services (M&M Finance) suffered a standalone loss of Rs 1,529 crore in the first quarter ended June 2021 (Q1FY22) on a sharp rise in provisions and write-off for stressed loan portfolio.

It had booked a profit of Rs 156 crore in the same quarter last year (Q1FY21).

Reflecting market concerns over performance, its stock closed 5.02 per cent lower at Rs 146.2 per share on BSE.

The total standalone income declined by 18 per cent at Rs 2,187 crore in Q2FY22 from Rs 2,655 crore during the corresponding quarter last year.

This reflects the slowdown