The company announced Q4 results after market hours on Tuesday, 23 April 2013.
Meanwhile, the BSE Sensex was up 118.04 points, or 0.62%, to 19,297.40.
On BSE, 6.59 lakh shares were traded in the counter as against an average daily volume of 1.45 lakh shares in the past one quarter.
The stock hit a high of Rs 247.25 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 214.05 so far during the day. The stock had hit a 52-week low of Rs 120.49 on 14 June 2012.
The stock had outperformed the market over the past one month till 23 April 2013, rising 5.91% compared with the Sensex's 2.37% rise. The scrip had also outperformed the market in past one quarter, falling 2.23% as against Sensex's 4.23% fall.
The large-cap company has an equity capital of Rs 113.75 crore. Face value per share is Rs 2.
Mahindra & Mahindra Financial Services (MMFSL) consolidated net profit rose 44% at Rs 927 crore on 41% increase in total income to Rs 4113 crore in the year ended 31 March 2013 over the year ended 31 March 2012.
The net profit for Q4 March 2013 and the year ended 31 March 2013 includes profit of Rs 30 crore arising from exceptional item on account of profit on stake sale of the company's subsidiary MIBL amounting to Rs 66 crore and additional general provision on standard assets amounting to Rs 36 crore on prudent basis from the current year.
MMFSL, during the year ended 31 March 2013, registered a disbursement growth of 22% against the corresponding period last year, maintaining its leadership position for vehicles and tractors in the rural and semi urban markets.
The company maintained healthy growth of business and profits despite slowdown in auto and tractor industry growth and continuing high cost of borrowings through control of transaction costs and maintaining high collection efficiency levels.
MMFSL currently has a network of 657 offices and total assets under management of Rs 27913 crore as on 31 March 2013 as against Rs 20643 as on 31 March 2012, a growth of 35%.
During the year, the company's customer base has crossed the 2.5 million mark in the month of March 2013. The last 1.5 million customers were added in less than 4 years compared to the 13 years it took to achieve the first million customers. The company continued to broad base its consortium of lenders by bringing in new banks, mutual funds, insurance companies and trusts.
Mahindra Insurance Brokers (MIBL) a subsidiary of MMFSL is a licensed composite broker providing direct and reinsurance broking services. MIBL's net profit surged 150% at Rs 35 crore on 83% increase in total income to Rs 86 crore in the year ended 31 March 2013 over the year ended 31 March 2012.
Mahindra Rural Housing Finance (MRHFL) a subsidiary of MMFSL provides loans for purchase, renovation, construction of houses to individuals in the rural areas of the country. MRHFL's net profit rose 67% at Rs 20 crore on 63% increase in total income to Rs 433 crore in the year ended 31 March 2013 over the year ended 31 March 2012.
The board of MMFSL has recommended a dividend of Rs 3.6 per equity share (including a special dividend of 0.20 paise) for the financial year ended 31 March 2013.
In a separate announcement, MMFSL said that its board approved increasing the borrowing limit from Rs 30000 crore to Rs 38000 crore, in order to further expand its business and to meet its increased financial needs. The proposal is subject to shareholders' approval through postal ballot process.
MMFSL, part of the US $15.9 billion Mahindra Group, is one of India's leading non-banking finance companies with a pan India presence. Focused on the rural and semi-urban sector, it provides finance for vehicles and tractors and has the largest network of branches amongst NBFC's operating in these areas.
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