Mahindra & Mahindra Financial Services said that in February 2023, the total disbursement of approximately Rs 4,185 crore, delivering 53% growth over February 2022.
Consequently, the loan book grew further by 1.5% over January 2023.
The collection efficiency (CE) was at 97% for February 2023 compared to 98% achieved in February 2022.
The gross stage-3 (GS-3) as at February end is maintained at similar levels compared to January 2023. Gross stage-2 (GS-2) has seen further improvement sequentially.
Based on the income recognition, asset classification and provisioning norms, the gap between gross non-performing assets and IND-AS remained range-bound at approximately Rs 1,250 crore, an improvement over January 2023.
The company continued to hold adequate liquidity buffer which covers approximately 3 months' funds requirement.
Separately, Mahindra & Mahindra Financial Services (MMFSL) has announced the launch of a specialized end-to-end digital journey named 'Used Car Digi Loans'. This offering has been launched in association with Car&Bike (by Mahindra First Choice Wheels) & Rupyy (by Cardekho), the leading brands in the used car industry.
'Used car Digi loans' has the capability of successfully disbursing loans within few hours with the help of specialized underwriting & processing teams, equipped with 15 fintech tools. Partners will have a real-time visibility of the application status and sanctioned loan offer.
Ramesh Iyer, vice chairman & managing director, Mahindra Finance said, Mahindra Finance has been at the forefront of innovative product offerings and this venture is another step in that direction.
Our partnership with Car&Bike and Rupyy will enable us to leverage on market strengths to create a digitally empowered platform. This integration will ensure a seamless and transparent journey for all stakeholders enhancing customer delight.
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 8.7 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.
The NBFC reported 30% drop in standalone net profit to Rs 629 crore in Q3 FY23 from Rs 894 crore in Q3 FY22. Total Income in the third quarter was at Rs 2,892 crore, up 14% YoY.
The scrip shed 0.18% to currently trade at Rs 252.05 on the BSE.
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