Mahindra Finance registers 67% growth in December 2022
Mahindra Finance informed that the business assets are now estimated to be worth around Rs. 77,000 crores, an increase of 4.3 percent over September 2022 due to healthy distribution patterns. This led to increase of about 18.5 percent when compared to March 2022.
Mahindra Finance said on Monday that the company maintained its momentum with a disbursement of over Rs 4,650 crore in December 2022, resulting in a 67 percent year-over-year growth. This was done against the backdrop of a favourable macroeconomic environment.
Disbursements during the third quarter was over Rs 14,450 crore, an increase of 80 percent year over year. "The Year to date (YTD) disbursement of roughly Rs 35,750 crore registered a Y-o-Y growth of 95 percent," it said in a statement.
The company informed that the business assets are now estimated to be worth around Rs. 77,000 crore, an increase of 4.3 percent over September 2022 due to healthy distribution patterns. This led to increase of about 18.5 percent when compared to March 2022.
The Collection Efficiency (CE) for December 2022 was 98 percent. The current quarter’s CE was similar to that of last year at 95 percent, the company informed.
"Stage-3 and Stage-2 assets have seen a sequential improvement in the current month and quarter. Stage 3 assets is expected at approximately 6.2% and Stage 2 assets at approximately 8.5% as at December end," it said in its report.
"Gross Non-Performing Assets (‘GNPA’) (as per Income Recognition, Asset Classification and Provisioning norms) is estimated to be higher than Stage 3 asset by ~ Rs. 1,300 crores, reconfirming the management belief that no additional provisions may be required over and above the Expected Credit Loss (‘ECL’) provision for FY23," it added.
The company continued to maintain a comfortable liquidity chest of about 4 months’ requirement, it said.
(Edited by : Priyanka Deshpande)
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