Mahindra & Mahindra Financial Services recorded an overall disbursement of approximately Rs 4,730 crore in February 2024, delivering 13% year on year (YoY) growth.
For year to date (YTD) February 2024, disbursements increased 14% YoY to approximately Rs 50,090 crore.The company said that healthy disbursement trends during the year till date have led to business assets crossing the milestone of Rs 1 lakh crore, a growth of about 21% over March 2023 and approximately 24% over February 2023.
The collection efficiency (CE) was constant on YoY basis at 97% in February 2024.
Stage 3 and Stage 2 assets continued to remain rangebound compared to December 2023, it added.
The company stated that it continued to enjoy a comfortable liquidity position on its balance sheet, with a liquidity chest of over Rs 7,600 crore.
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Mahindra & Mahindra Financial Services (Mahindra Finance), part of the Mahindra Group, is one of India's leading non-banking finance companies. Focused on the rural and semi-urban sector, the company has over 8.4 million customers and has an AUM of over $11 billion. The company is a leading vehicle and tractor financier, provides loans to SMEs and also offers fixed deposits.
Mahindra & Mahindra Financial Services net profit fell 12.11% to Rs 552.79 crore in Q3 FY24 as against Rs 628.95 crore posted in Q3 FY23. However, total income increased 20.71% YoY to Rs 3,490.42 crore in the quarter ended 31 December 2023.
The scrip rose 0.40% to Rs 288.95 on the BSE.
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