M&M Financial Services' net profit rises 21% to Rs 304 crore in Q2

Mahindra & Mahindra Financial Services’ net profit rose by 21 per cent to Rs 304 crore in the second quarter ended September (Q2Fy21), from Rs 252 crore in the same quarter a year ago. 

The provisions and write-offs stood at Rs 619.4 crore in Q2Fy21, up from Rs 360.7 crore in the year-ago period. It made higher level of impairment provisions of Rs 433 crore during quarter through management overlay to reflect deterioration in the macroeconomic outlook.

Its loan book rose to Rs 64,389 crore at the end of Q2 from Rs 63,793 crore a year ago.