The company's profit before tax stood at Rs 734.11 crore, down 12.93% year on year (YoY) from Rs 843.14 crore posted in Q3 FY23.

Net interest income (NII) rose 10% YoY to Rs 1,815 crore during the third quarter. Net interest margin (NIM) was at 6.8% for Q3 FY24 as against 7.4% for Q3 FY23.

Disbursement during the quarter stood at Rs 15,436 crore, registering a growth of 7% YoY. Collection efficiency during the quarter remained strong at 95%, similar to levels observed in Q3 FY23.

Gross loan book was at Rs 97,048 crore as on 31 December 2023.

Gross Stage 3 (GS-3) stood at 4% in as of December 2023, down from 5.9% as of December 2022.

The company's capital adequacy stood at 18.3%. Provision coverage on Stage 3 loans remained prudent at 62.7%.

As of December end, the company said that it carried a total liquidity buffer of approximately Rs 8,419 crore with a liquidity chest of over 2.5 months.

On a consolidated basis, the NBFC's net profit fell 5.88% to Rs 622.56 crore on 23.39% rise in total income to Rs 4,137 crore in Q3 FY24 over Q3 FY23.

Mahindra & Mahindra Financial Services (Mahindra Finance), 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.

Shares of Mahindra & Mahindra Financial Services rose 3.70% to currently trade at Rs 290.30 on the BSE.