Mahindra & Mahindra Financial Services today (16 September 2021) announced its entry into vehicle leasing and subscription business under 'Quiklyz' brand.
With the process of owing a vehicle at an inflection point, consumers today want to access vehicles earlier in their life and upgrade their vehicles faster than ever before.
Leasing and subscription model offered by 'Quiklyz' provides an ecosystem, where consumer pays a monthly fee to access the vehicle of their choice across all car brands, at a lower price point as compared with regular car ownership.
Corporates and businesses are also looking for alternate ways to have access to vehicles which can match their requirements without the burden of traditional ownership models.
The objective for 'Quiklyz' is to build a nimble model with very high asset quality. This also gives the brand a springboard to launch similar products in semi-urban and rural markets in times to come.
Mahindra Finance and Mahindra Group ecosystems would give an edge to 'Quiklyz' with the business utilizing all common infrastructure of Mahindra Finance.
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Ramesh Iyer, vice-chairman & managing director, Mahindra Finance, said, With 'Quiklyz', we aim to make the process of ownership convenient for our consumers both for individual and corporate segments alike. I am confident 'Quiklyz' will add substantial value to our existing financial business portfolio as we aspire to tap all emerging opportunities in this space.
Turra Mohammed, SVP & head, leasing & subscription, Mahindra Finance mentioned, A very important set of consumers for our new business will be the millennials who aspire to not only owning a vehicle, but to do so in a hassle-free manner. 'Quiklyz' will provide that convenience while allowing them to frequently change or upgrade to newer models entering the market without any down payment. For corporates as well, leasing is fast emerging as a viable option both for providing cars to their employees and obtaining vehicles for their business use.
Mahindra & Mahindra Financial Services (Mahindra Finance), part of the Mahindra Group, is a non-banking finance companies. The company is a vehicle and tractor financier, provides loans to SMEs and also offers fixed deposits. Focused on the rural and semi-urban sector, the company has over 7.3 million customers and has an AUM of over $11 billion.
The NBFC reported a consolidated net loss of Rs 1,573 crore in Q1 FY22 as against a net profit of Rs 432 crore in Q1 FY21. Total income during the quarter declined by 15.1% YoY to Rs 1,416 crore.
The scrip advanced 0.84% to currently trade at Rs 174 on the BSE, as it extended gains for fourth consecutive session. The stock has gained 3.82%, from its recent closing low of Rs 167.60 recorded on 9 September 2021.
On the technical front, the stock's RSI (relative strength index) stood at 71.054. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading above its 50-day, 100-day and 200-day daily simple moving average (SMA) placed at 157.06, 158.75 and 173.45, respectively.
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