 "Mahindra & Mahindra Financial Services Limited")
Mahindra & Mahindra Financial Services Limited announced on Tuesday that Rs 4,500 crore was disbursed for the month of September, marking a year-on-year growth of 11 per cent. For the September quarter of financial year 2024 (FY24), disbursements amounted to Rs 13,300 crore, resulting in a growth of 12.6 per cent year-on-year.
In the first half of FY24, Rs 25,500 crore was disbursed, leading to a growth of 20 per cent year-on-year.
Business assets stood at Rs 93,600 crore, attributable to healthy disbursement trends during the September quarter of FY24 and pre-festival dealer advances. Business assets showed a growth of 13 per cent over March 2023 and 8 per cent over June 2023.
For September 2023, collection efficiency stood at 97 per cent, a marginal improvement over the 96 per cent achieved in August 2023, the company stated. Mahindra & Mahindra Financial Services continued to maintain a comfortable liquidity position on its balance sheet, with a liquidity reserve sufficient for over 2.5 months, the company added.
The company recorded a 58 per cent rise in its standalone net profit, reaching Rs 352.6 crore for the quarter that ended on June 30. This was compared to Rs 222.92 crore in the corresponding quarter last year. However, compared to Rs 684.12 crore in the previous quarter, the net profit was down by 48.4 per cent.
Revenue from operations increased by 25 per cent to Rs 3,125.4 crore during the quarter, compared to Rs 2,498.55 crore in the same quarter last year.
In July, Ramesh Iyer, vice-chairman and managing director, told Business Standard that the non-banking financial company is on track to increase its balance sheet to Rs 1.25 trillion by 2025.
