Mahindra & Mahindra Financial Services advanced 1.94% to Rs 188.80 after the company recorded disbursement of approximately Rs 2,973 crore in May 2022, delivering a 272% YoY growth.
The YTD disbursements at approximately Rs 5,686 crore, registered a YoY growth of 169%.
The collection efficiency (CE) was at 95% for May 2022 in comparison to a subdued CE of 67% for May 2021 which was affected due to Covid related lockdowns. The CE is in line with pre-Covid levels.
"With momentum in collections witnessed so far, we expect a lower volatility on Stage 3 assets during Q1 FY 2023," Mahindra Financial said in a statement.
The company continued to hold adequate liquidity buffer of approximately Rs 8,775 crore as on 31 May 2022 which covers approximately 3 months funds requirement.
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 7.9 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.
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The company's net profit surged to Rs 601 crore in Q4 FY22 from Rs 150 crore in Q4 FY21.
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