Mahindra & Mahindra Financial Q1 Results: Net profit jumps 58% on year to ₹352.66 crore
₹352.66 crore. The company had reported a net profit of ₹222.92 crore in the year-ago period. Sequentially, net profit was slumped 48.5% from ₹684.12 crore in Q4FY23.
Mahindra & Mahindra Financial share price opened at ₹313.95 apiece on BSE. The company's total revenue from operations rose 24% on year to ₹3,084.56 crores during the quarter ended June from ₹2,486.31 crore in Q1FY23. Total income rose to ₹3,125.41 crore in the first quarter.
It stood at ₹2,498.55 crore in the year-ago period. The company reported in its exchange filing that total income for the quarter was Rs. 3,125 crore, up 25% year over year with help from the expansion of asset book.
As disbursements improved, the Loan Book expanded sequentially by 4.8% to Rs. 86,732 Crore. At Rs.
12,165 crores, expenditures increased by 28% year over year. According to a filing with the exchange, the quarter's net interest margin was 6.8%; net interest income, which was reported as ₹1,675 crore but grew to ₹1,675 crore YoY, was affected by the change in portfolio composition and higher interest costs. Gross Stage 3 decreased somewhat from 4.5% in March to 4.3% in June because to targeted collection efforts, said the company in its filing.
A robust 21.2% represents the company's capital adequacy. Loans in Stage 3 continue to have a 60.1% provision coverage. In order to pay its obligations for three months, the company had a total liquidity cushion at June's end of about ₹9,350 crore.
“During the first quarter of FY24, the Company maintained its leadership position in Tractor and Mahindra Auto vehicle segments. The disbursement growth was broad-based across vehicle segments. Going forward, the Company shall focus on maintaining the market leadership in core segments,
. Read more on livemint.com
