Mahindra & Mahindra Financial Services announced that its chief financial officer (CFO), Vivek Karve has tendered his resignation to pursue personal, social and professional interests beyond a full-time employment.
Raul Rebello, Managing Director & CEO mentioned, We express our appreciation on Viveks contributions for the last four years with Mahindra Finance. Given his association with the company and management over the years, he has agreed to remain with the company beyond the stipulated notice period and until declaration of financial results for the 2nd quarter FY25, i.e. up to 31 October 2024 thereby ensuring a smooth transition. As regards to succession planning, the company is in the process of identifying a suitable candidate and necessary announcements would be made in due course.Mahindra & Mahindra Financial Services, 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 8.4 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.
Mahindra & Mahindra Financial Services standalone net profit fell 9.52% to Rs 618.99 crore on 21.25% increase in total income to Rs 3,706.10 crore in Q4 FY24 over Q4 FY23.
The scrip fell 0.49% to currently trade at Rs 304.50 on the BSE.
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