M&M Financial Q1 Results: Net profit zooms 58% YoY to Rs 353 crore on higher loan disbursements
Total income for the quarter was Rs 3,125 crore, up 25% y-o-y, aided by growth in asset book, a release by the NBFC said. Disbursements at Rs 12,165 crore were higher by 28% y-o-y.
Loan book increased sequentially by 4.8% to Rs 86,732 crore. Net interest margin for the quarter was at 6.8%, while net interest income was at Rs 1,675 crore, up 7% y-o-y, impacted by change in portfolio mix and increased interest costs, the company said.
The company’s capital adequacy is at 21.2%. As of June end, the company carried a total liquidity buffer of approximately Rs 9,350 crore, covering 3 months’ obligations.
The partnerships launched over the previous quarters with — India Post Payments Bank for enhancing distribution and increasing collection touch points; Bank of Baroda to facilitate co origination; Car&Bike and Ruppy to launch ‘Used Car Digi Loans’ are seeing good traction, according to the company’s filings at the exchanges. The company is implementing state-of-the-art Loan Origination and Loan Management systems, which will be further supported by various APIs to link to third party tech solutions.
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