Mahindra Financial Services net falls 18%

Mahindra Financial Services today reported an 18% decline in standalone net profit at Rs 164 crore for the three months to December from Rs 200 crore in the year-ago period.

The steep decline in profit came despite a full 27% spike in income to Rs 1,271 crore, it said in a statement, without offering any reason for the dip in net profit.

On a consolidated basis, total income rose 28% to Rs 1,363 crore from Rs 1,062 crore during the reporting period, while net profit declined 16% to Rs 182 crore from Rs 216 crore.