Mahindra Finance disbursement soars 115% YoY in June22

4 Jul 2022 , 02:46 PM

The year to date (YTD) disbursement stood at approximately Rs 9,450 crore registered a YoY growth of 145%. As on 30 June 2022, the company estimates the gross business assets at Rs 67,500 crore, rising 6% YoY. The collection efficiency (CE) improved to 96% for June 2022 in comparison to 90% posted in June 2021 which was recovering post 2 months of Covid related lockdowns. The CE for Q1 FY23 is estimated at 94%, the highest ever in recent history. The collection war room set up in Q3 FY22 is now clearly showing tangible results, the NBFC stated. Stage 2 assets have seen improvement over 31 March 2022 level. The company expects Stage 3 assets as on 30 June 2022 to be marginally higher than as on 31 March 2022. The company continued to enjoy a comfortable liquidity position on its Balance Sheet, with a liquidity chest of over 3 months. Mahindra & Mahindra Financial Services is a non-banking financial company (NBFC). M&M, the majority shareholder, held 52.2% in Mahindra Finance as on 31 March 2022. Mahindra Finance ranks among the larger NBFCs in India with gross loan assets of Rs 64,961 crore as on 31 March 2022. The company finances consumer purchases of UVs, LCVs, tractors, cars, and other assets. The companys net profit surged to Rs 601 crore in Q4 FY22 from Rs 150 crore in Q4 FY21. Total income declined 6.5% to Rs 2,466.36 crore in Q4 FY22 from Rs 2,637.51 crore in Q4 FY21. Shares of Mahindra & Mahindra Financial Services shed 0.39% to Rs 178.05 on the BSE. Powered by Capital Market – Live News