Mahindra Finance Q1FY24 results: Net profit rises 58% to Rs 353 crore

Mahindra & Mahindra Financial Services Ltd on Friday reported a 58 per cent rise in its standalone net profit to Rs 352.6 crore in the quarter that ended on June 30 as compared to Rs 222.92 crore in the corresponding quarter last year. As compared to Rs 684.12 crore in the previous quarter, the net profit was down 48.4 per cent. 

The revenue from operations was up 25 per cent to Rs 3,125.4 crore during the quarter as compared to Rs 2,498.55 crore last year. 

The company's lOan Book increased sequentially by 4.8 per cent and 28 per cent year-on-year (YoY) to Rs 86,732 crore with an improvement in disbursements. The disbursements, at Rs 12,165 crore, were higher by 28 per cent YoY.

The net interest income (NII) at Rs 1,675 crore increased 7 per cent YoY, impacted by the change in portfolio mix and increased interest costs.

The net interest margin for the quarter was 6.8 per cent. 

Mahindra Finance's capital adequacy ratio was recorded at 21.2 per cent during Q1FY24.

As of 2:45 pm on Friday, the company's share was trading 5.84 per cent in the red at Rs 293.5 apiece on BSE.