Kolkata: Mahindra & Mahindra Financial Services reported a four-fold rise in net profit for the March quarter at Rs 601 crore against Rs 150 crore in the year-ago period on credit cost reversal and a steady rise in business.
Reduction in asset quality stress resulted in Rs 951 crore write-back of provisions. The entire ECL provision made in the first quarter of FY22 was reversed, the company said.
The company proposed a dividend of Rs 3.6 per equity share which comes to 180% of face value.
Its net interest income for the quarter fell 1% year-on-year at Rs 1,531 crore.
Total Income was at Rs 2,466 crore for the quarter, a decline of 3% sequentially.
“The decline was primarily due to provision for excess interest refund amounting to Rs 142 crore in compliance with RBI directions.
Its disbursement grew 54% year-on-year while the total loan book stood at Rs 64961 crore.
At the year-end, the non-bank lender carried a total liquidity buffer of nearly Rs 9,000 crore. The company said it has progressively reduced the chest as macro-economic factors improved.
On a consolidated basis, the lender earned a net profit of Rs 629 crore for the March quarter, as against Rs 219 crore during the corresponding quarter last year. Total Income declined by 5% to Rs 2,897 crore during the quarter, as against Rs 3,038 crore over the same period.
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