Mahindra and Mahindra Financial Services Ltd (MMFS) on Friday recorded a standalone profit after tax (PAT) of Rs 353 crore for the April to June quarter (Q1FY24), higher by 58 percent year-on-year (YoY) when compared to Rs 223 crore of the last year period. The profit figure was much lower than CNBC-TV18's poll of Rs 512.4 crore.
On a sequential basis, the profit dipped 48.45 percent from Rs 684 crore reported in the previous March quarter.
During the quarter, the Mumbai-headquartered non-banking financial company's (NBFC) total income came in at Rs 3,125 crore, a growth of 25 percent on-year aided by growth in asset book.
The Net Interest Income (NII) was at Rs 1,675 crore, increased by 7 percent YOY, impacted by a change in portfolio mix and increased interest costs. A CNBC-TV18 poll of analysts expected NII to come in at Rs 1,687.4 crore.
The Net Interest Margin (NIM), meanwhile, stood at 6.8 percent for the quarter under review.
The NBFCs loan book increased sequentially by 4.8 percent to Rs 86,732 crore with an improvement in disbursements. Disbursements at Rs 12,165 crore were higher by 28 percent YoY.
The gap between GNPA (gross non-performing assets) and gross stage- 3 is now range-bound and was at Rs 1,144 crore as at June end (Rs 1,184 crore as at March end). The restructured portfolio has now reduced to Rs 1,860 crore from Rs 2,174 crore as a the end of March 2023, the company said.
Mahindra Finance's capital adequacy ratio remained healthy at 21.2 percent during the quarter.
On Friday, the company's shares were trading 4 percent lower at Rs 300 apiece on the NSE.
First Published: Jul 28, 2023 3:33 PM IST
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