Mahindra Finance, a Non Banking Financial Company (NBFC) of Mahindra group has posted 19% increase in net profit at Rs 191 crore for the first quarter on a standalone basis.
Among its subsidiaries, Mahindra Insurance Brokers net profit was at Rs 7.9 crore against Rs 7 crore in the same period last year while Mahindra Rural Housing Finance’s net profit was flat at Rs 2.6 crore.
Total assets under management (AUM) of the company grew 36% to Rs 29,539 crore. Company’s disbursements grew 32% in the first quarter.
“The Company maintained healthy growth of business and profits despite slowdown in auto industry growth and continuing high cost of borrowings through control of transaction costs and maintaining high collection efficiency levels,” Mahindra Finance said in a statement.
It has total branch network of 675 offices as of June 2013.
The company was willing to apply for the new banking license from Reserve Bank of India however it pulled out from the race citing tough norms for NBFCs.
