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Mahindra & Mahindra Financial Services announces 7% increase in disbursements in May

Mahindra & Mahindra Financial Services Ltd on Monday (June 3) announced its business update for May 2024, revealing a 7% year-on-year increase in overall disbursements, which stood at ₹4,430 crore.

The company reported a strong collection efficiency (CE) of 96% for the month. Additionally, the combined total assets of stages 2 and 3 remained below 10%.

Mahindra & Mahindra Financial Services highlighted its strong liquidity position, with a liquidity chest exceeding ₹7,510 crore on its balance sheet. Additionally, the company’s business assets witnessed a significant growth of 23% year-on-year, reaching 1.05 lakh crore.

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Mahindra & Mahindra Financial Services reported net profit for the March quarter at ₹619 crore, down 9.5 per cent year-on-year, compared to ₹684 crore in the same period last year.

The company’s net interest income for the quarter stood at ₹3,706.10 crore, up 21% year-on-year. Loan growth remained strong, with total assets increasing 24% year-on-year to 1.02 lakh crore.

Disbursements during the quarter under review increased by 11% to ₹15,292 crore. Sharing its business update for April, the company said its overall disbursement stood at around ₹3,930 crore, a growth of 4% year-on-year. Its collection efficiency rose to 89% compared to 92% over one year.

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Shares of Mahindra Mahindra Financial Services Ltd closed at ₹272.70, up ₹5.20, or 1.94 per cent on the BSE.

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