Mahindra & Mahindra Financial Q1 Results: Net profit jumps 58% on year to ₹352.66 crore

Mahindra & Mahindra Financial Services Ltd's Q1 net profit jumps 58.2% YoY to 352.66 crore, but slumps 48.5% sequentially; stock opens at 313.95 on BSE.

Dhanya Nagasundaram
First Published28 Jul 2023, 03:28 PM IST
Mahindra & Mahindra Financial share price opened at  <span class='webrupee'>₹</span>313.95 apiece on BSE.
Mahindra & Mahindra Financial share price opened at ₹313.95 apiece on BSE.

Mahindra & Mahindra Financial Services Ltd on Friday reported a 58.2% jump in its standalone net profit for the fiscal's first quarter ended June (Q1FY24) to 352.66 crore. The company had reported a net profit of 222.92 crore in the year-ago period. Sequentially, net profit was slumped 48.5% from 684.12 crore in Q4FY23. Mahindra & Mahindra Financial share price opened at 313.95 apiece on BSE.

The company's total revenue from operations rose 24% on year to 3,084.56 crores during the quarter ended June from 2,486.31 crore in Q1FY23. Total income rose to 3,125.41 crore in the first quarter. It stood at 2,498.55 crore in the year-ago period.

The company reported in its exchange filing that total income for the quarter was Rs. 3,125 crore, up 25% year over year with help from the expansion of asset book. As disbursements improved, the Loan Book expanded sequentially by 4.8% to Rs. 86,732 Crore. At Rs. 12,165 crores, expenditures increased by 28% year over year.

According to a filing with the exchange, the quarter's net interest margin was 6.8%; net interest income, which was reported as 1,675 crore but grew to 1,675 crore YoY, was affected by the change in portfolio composition and higher interest costs.

Gross Stage 3 decreased somewhat from 4.5% in March to 4.3% in June because to targeted collection efforts, said the company in its filing.

A robust 21.2% represents the company's capital adequacy. Loans in Stage 3 continue to have a 60.1% provision coverage. In order to pay its obligations for three months, the company had a total liquidity cushion at June's end of about 9,350 crore.

“During the first quarter of FY24, the Company maintained its leadership position in Tractor and Mahindra Auto vehicle segments. The disbursement growth was broad-based across vehicle segments. Going forward, the Company shall focus on maintaining the market leadership in core segments, while accelerating growth in pre-owned vehicle segment, SME, Leasing and personal loans,” said the company.

Mahindra & Mahindra Financial share price closed nearly 4% down at 299.35 apiece on BSE.

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First Published:28 Jul 2023, 03:28 PM IST
HomeCompaniesMahindra & Mahindra Financial Q1 Results: Net profit jumps 58% on year to ₹352.66 crore

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