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For Q2 FY24, disbursements increased 12.6% YoY to approximately Rs 13,300 crore. For H1 FY24, the disbursement grew 20% YoY approximately to Rs 25,500 crore.
The collection efficiency (CE) was at 97% for September 2023, a marginal improvement over 96% achieved in August 2023. The company recorded a CE of 98% in September 2022.
Healthy disbursement trends during Q2 FY24 together with pre-festival dealer advance have led to business assets at Rs 93,600 crore, growth of around 13% over March 2023 and about 8% over June 2023.
Stage-3 is expected to be at 4.4% as against 4.3% as at June 2023 and Stage-2 estimated at 5.8% from 6.4% as at June 2023, have remained stable.
The company said that it continued to maintain comfortable liquidity position on its balance sheet, with a liquidity chest of over 2.5 months.
Mahindra & Mahindra Financial Services, part of the Mahindra Group, is one of India's leading non-banking finance companies. Focused on the rural and semi-urban sector, the company has over 8.4 million customers and has an AUM of over $11 billion. The company is a leading vehicle and tractor financier, provides loans to SMEs and also offers fixed deposits.
The company's net profit surged 58.2% to Rs 352.66 crore on 25.09% jump in total income to Rs 3,125.41 crore in Q1 FY24 over Q1 FY23.
The scrip fell 0.10% to end at Rs 301 on the BSE.
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