M&M Financial Services Q2 net down 28% at Rs 157 crore

Mahindra & Mahindra Financial Services has reported a 28.37 per cent decline in consolidated net profit at Rs 157.11 crore for the second quarter ended September 30, due to higher expenses.
The firm had a net profit of Rs 219.35 crore in the corresponding quarter last year.
Mahindra & Mahindra Financial Services total income during the quarter rose to Rs 1,578.9 crore, up 7.58 per cent from Rs 1,467.6 crore in the same period last fiscal, the company said in a regulatory filing.
Overall expenses stood at Rs 624.91 crore, an increase of 29.77 per cent, as against Rs 481.55 crore in the same period last year.

Meanwhile, in a separate filing, the company said its Board has approved the proposal of raising up to Rs 1,000 crore by way of a public issue of non-convertible debentures (NCDs) in one or more tranches.
M&M Financial Services shares were trading at Rs 239.65, down 1.05 per cent on BSE.