The provisions in the loan book and the sharp decline in healthy growth limited Mahindra and Mahindra Financial Services, which ended for Rs 899 crore in a 63% report to report 63% in the net profit for the quarter ended December for Rs 899 crore. .
Loss on financial instruments fell to Rs 9.14 crore at 97% year.
During the quarter, the non-banking financer calibrated the credit loss model expected for small and medium enterprises and business advance portfolio. It laid a provision for the expected credit loss of Rs 3,496 crore at the end of December crore at the end of March 2024 as against Rs 3,401 crore.
According to RBI, non-banking financial companies require a loss reserve for any decrease in loss allowances.
The disbursement for the quarter increased by 7% to Rs 16,467 crore and the assets increased by 19% to Rs 1.15 lakh crore under the company’s management.
However, the property quality for a non-bank lender with assets of stage 3 deteriorated, which was 3.9% against 3.83% at the end of December. The property of Net Stage 3 also increased to 2.0% against 1.59% a quarter a quarter ago.
Overall, the collection efficiency remained stable at 95% on sequential basis.
The company continued to maintain a comfortable liquidity position on its balance sheet, with a liquidity of more than Rs 9,322 crore.
The company’s total income increased by 20% to 4,144 crores on the year.
(Tagstotranslet) Mahindra & Mahindra Financial Services Limited
