The company said that the growth in the disbursement was aided by macro tailwinds. This translates to a YoY growth of 82% in Q2 FY23 and 106% for H1 FY23. The first half is estimated to clock a disbursement of approximately Rs 21,300 crore, it added.

The NBFC said that the healthy disbursement trends during the first half have led to a strong gross asset book of approximately Rs 73,900 crore, growing approximately 3% month on month (MoM). This has also resulted in YoY growth of approximately 16% vs September last year and approximately 14% vs March 2022.

The collection efficiency (CE) stood at 98% for September 2022 as against CE of 96% for August 2022.

The asset quality further improved during the month & the quarter. As on 30 September 2022, the company expects its gross stage 3 to be around 7% (compared to 8% as of 30 June 2022) and Gross stage 2 to be around 10% (compared to 11.7% as of 30 June 2022).

Mahindra & Mahindra Financial Services (MMFSL), part of the Mahindra Group, is a non-banking finance company. The NBFC reported a consolidated net profit of Rs 239.86 crore in Q1 FY23 as against a net loss of Rs 1,573.40 crore posted in Q1 FY22. Total income rose 13.5% year on year to Rs 2,913.96 crore in Q1 June 2022.