Covid-19 hits M&M Finance; pre-tax profit plunges by 67% in Q4FY20

The vehicle finance major, provided Rs 562.6 crore towards Covid-19 related shocks

Mahindra & Mahindra Financial Services (M&M Fin), on Friday post market hours, reported a 67 per cent year-on-year decline in standalone profit before tax to Rs 292.5 crore in March 2020 quarter (Q4), due to Covid-19-led disruptions hitting the overall business of the company in terms of lower disbursements and higher bad loan or non-performing asset (NPA) provisioning. The reported pre-tax profit was significantly lower than analysts’ expectations of Rs 567.2 crore according to a Bloomberg poll, while the net profit fell at a relatively slower pace of 62 per cent year-on-year to Rs 220.9 crore due to lower tax