 "Mahindra & Mahindra Financial Services hits 52-week high on goods Q4 results")
Mahindra & Mahindra Financial Services has moved higher to its 52-week high of Rs 295, up 7% on the National Stock Exchange (NSE) in early morning trade after the company's gross non-performing assets (NPA) as percentage to total assets declined to 8% in March 2016 quarter against 10.1% in December 2015 quarter. Net NPA declined to 3.2% from 4.6% during the quarter.
Through increased penetration and close follow up efforts the company has been able to increase overall collections and bring down NPA levels resulting in growth of profits, M&M Financial Services said in a statement.
The company has reported an 11% rise in standalone net profit at Rs 370 crore for quarter ended 31 March. It had posted a net profit of Rs 333 crore in the corresponding quarter of 2014-15.
Net interest income (operational revenues minus finance cost) increased by 13% to Rs 1,001 crore against Rs 883 crore in the same period from a year ago, it said in a BSE filing.
At 09:32 am, the stock up 4.6% to Rs 288 on the NSE as compared to 0.05% decline in the Nifty 50 index. A combined 1.99 million shares changed hands on the counter on the NSE and BSE so far.
Through increased penetration and close follow up efforts the company has been able to increase overall collections and bring down NPA levels resulting in growth of profits, M&M Financial Services said in a statement.
The company has reported an 11% rise in standalone net profit at Rs 370 crore for quarter ended 31 March. It had posted a net profit of Rs 333 crore in the corresponding quarter of 2014-15.
Net interest income (operational revenues minus finance cost) increased by 13% to Rs 1,001 crore against Rs 883 crore in the same period from a year ago, it said in a BSE filing.
At 09:32 am, the stock up 4.6% to Rs 288 on the NSE as compared to 0.05% decline in the Nifty 50 index. A combined 1.99 million shares changed hands on the counter on the NSE and BSE so far.
