Mahindra Finance announces F-2011 Results
Consolidated F-2011 PAT up by 47%, Standalone F-2011 PAT up by 44%, Recommends Dividend of 100%, Asset Under Management crosses US $3 billion.
- (1888PressRelease) April 27, 2011 - Mumbai - The Board of Mahindra & Mahindra Financial Services Ltd (Mahindra Finance), a leading provider of financial services in the rural and semi-urban markets today, announced the financial results for the year ended 31st March 2011.
F-2011 Standalone Results
The Total Income increased by 28% at Rs.2013 crores during the year ended 31st March 2011 as against Rs.1569 crores in the corresponding period last year. The Profit After Tax (PAT) was at Rs. 463 crores during the year ended 31st March 2011 registering a growth of 35% as compared to Rs. 343 crores during the corresponding period last year.
The PAT before exceptional items stood at Rs. 494 crores, during the year ended 31st March 2011 an increase of 44% from Rs. 343 crores in the corresponding period last year.
Exceptional item represents General Provision of 0.25% on standard assets of Rs. 31 crores for the year ended 31st March 2011.
The Board of Directors recommended a dividend of 100 % on the Equity Share Capital.
Q4 F-2011 Standalone Results
The Total Income registered a growth of 27% at Rs. 602 crores during the quarter ended 31st March 2011 as compared to Rs.475 crores during the corresponding quarter last year. The Profit After Tax (PAT) during the quarter ended 31st March 2011 was at Rs.157 crores, an increase of 12% from Rs.140 crores for the corresponding quarter last year.
The PAT for the quarter ended 31st March 2011 before exceptional items stood at Rs.160 crores, an increase of 14% from Rs.140 crores during the same period last year.
Exceptional item represents General Provision of 0.25% on standard assets of Rs. 3 crores for the quarter ended 31st March 2011.
Operations
The Company's disbursement registered a growth of 62 % at Rs.14420 crores for the year ended 31st March 2011 as compared to Rs.8915 crores during the same period previous year.
While maintaining its leadership position as the largest retail financier for semi urban and rural markets, the Company has significantly improved its performance as a car financier and has increased its presence in Heavy Commercial Vehicles & Construction Equipment. M&MFSL currently has a network of 547 offices and total asset under management crosses US$ 3 billion.
The Company's continued focus on NPA reduction coupled with buoyant rural cash flow, enabled it to improve quality of assets. The Company has broad based its Borrowing Product mix which enabled it to contain its interest cost.
SUBSIDIARIES
Mahindra Insurance Brokers Limited (MIBL)
During the year ended 31st March 2011, MIBL registered a growth of 65% in its income at Rs. 51.8 crores as against Rs. 31.4 crores in the previous year. The Profit After Tax (PAT) rose by 96 % at Rs. 21.8 crores as against Rs. 11.1 crores registered for the same period previous year.
Mahindra Rural Housing Finance Limited (MRHFL)
MRHFL has disbursed Rs. 203.6 crores during the year ended 31st March 2011 as against Rs. 90.6 crores disbursed during the same period a year ago. The Company made a profit (PAT) of Rs. 8.9 crores during the year ended 31st March 2011 as compared to profit of Rs. 2.2 crores made during the same period previous year.
F-2011 Consolidated Results
The total income increased by 30% at Rs. 2074 crores during the year ended 31st March 2011 as against Rs.1596 crores during the corresponding period last year. The PAT increased by 38% at Rs.493 crores for the year ended 31st March 2011 as compared to Rs.356 crores during the same period last year.
The PAT before exceptional items for the year ended 31st March 2011 stood at Rs. 525 crores, an increase of 47% from Rs. 356 crores during the corresponding period last year.
Exceptional item represents General Provision of 0.25% on standard assets of Rs. 32 crores for the year ended 31st March 2011.
About Mahindra & Mahindra Financial Services Ltd
Mahindra & Mahindra Financial Services Ltd (M&MFSL), part of the US$ 11.1 billion Mahindra Group, is one of India's leading non-banking finance companies with a pan India presence. Focused on the rural and semi-urban sector, it provides finance for utility vehicles, tractors and cars and has the largest network of branches amongst NBFCs operating in these areas.
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