The net profit of Mahindra & Mahindra Financial Services (Mahindra Finance) fell 48% year-on-year in the September quarter due to higher provisions.
The company posted a net profit of Rs 235 crore in the quarter under review, far lower than the Rs 483 crore estimated by Bloomberg. The bottomline fell 33% on a sequential basis.
The company’s gross stage-3 asset ratio fell to 4.3% as on September 30 from 6.7% a year ago. Provision coverage ratio for stage-3 assets rose to 61.2% as on September 30 from 58.2% a year ago.
Credit cost rose 2.4% of average assets as on September 30 from 1.0% a year ago.
Loan book rose 27% year-on-year to `93,723 crore as on September 30. Disbursements rose 13% to Rs 13,315 crore in the September quarter.
“Our market share position was maintained in tractor, pre-owned vehicles, passenger vehicles and three wheelers segment,” the company said in a press release.
The small and medium-sized enterprises asset book rose 26% to over Rs 4,637 crore. The book contributes 5% of the business assets.
Net interest income, the difference between interest earned and expended rose 9% to Rs 1,674 crore in the September quarter.Net Interest Margin at 6.5%, was impacted by higher borrowing rates coupled with change in portfolio mix in favour of better credit quality customers, the company said in a press release.
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