Mahindra & Mahindra Financial Services has reported a significant increase in its standalone profit after tax for the third quarter of the current fiscal year. The company’s profit after tax stood at Rs 899 crore, a 63% year-on-year increase from Rs 553 crore in the same quarter last year. The company’s total income also saw a significant increase, rising 19% year-on-year to Rs 4,144 crore.
The company’s disbursements for the quarter were Rs 16,467 crore, a 7% year-on-year growth. The disbursements for the first nine months of the fiscal year stood at approximately Rs 42,370 crore, a 4% increase over the previous year. The company’s gross assets under management also saw a significant increase, rising 19% year-on-year to Rs 1,15,126 crore.
The company’s collection efficiency remained stable at 95%, consistent with the same quarter last year. The company’s asset quality also remained steady, with a continued focus on maintaining underwriting standards and addressing early-stage delinquencies.
The company’s consolidated profit after tax for the quarter stood at Rs 918 crore, a 47% year-on-year increase. The company’s strong performance is attributed to its ability to leverage the buoyancy of the festive season demand and its focus on maintaining underwriting standards and addressing early-stage delinquencies.