Mahindra & Mahindra Financial Services reported a 28.37 per cent decline in consolidated net profit, at Rs 157.11 crore for the quarter ended September 30, due to higher expenses. The firm saw a net profit of Rs 219.35 crore in the corresponding quarter the previous year.
Mahindra & Mahindra Financial Services' total income during the quarter rose to Rs 1,578.9 crore, up 7.58 per cent from Rs 1,467.6 crore in the same period in FY15, the company said.
Overall expenses stood at Rs 624.91 crore, an increase of 29.77 per cent, as against Rs 481.55 crore in the same period last year.
Meanwhile, in a separate filing, the company said its Board has approved a proposal to raise up to Rs 1,000 crore by way of a public issue of non-convertible debentures in one or more tranches.
M&M Financial Services shares were trading at Rs 239.65, down 1.05 per cent on BSE.
