The NBFC's year to date (YTD) disbursements stood at approximately Rs 20,950 crore, registered a YoY growth of 22%.

Healthy disbursement trends in the current period have led to business assets at around Rs 90,500 crore, registering a growth of about 9.4% over March 2023 and around 27% over August 2022.

The collection efficiency (CE) was constant at 96% for August 2023 as compared to August 2022.

The NBFC said that Stage-3 and Stage-2 assets continued to remain rangebound compared to June 2023. The company continued to maintain comfortable liquidity chest of about 3 months' requirement, it added.

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.

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.

Shares of Mahindra & Mahindra Financial Services rose 0.25% to Rs 296.30 on the BSE.