Mahindra Finance Q1 PAT UP By 86%
Mahindra Finance Quarter 1 Profit Summary after Tax.
- (1888PressRelease) July 24, 2010 - Mumbai - Mahindra & Mahindra Financial Services Ltd (Mahindra Finance), a leading player in providing financial services in the rural and semi-urban markets, has registered on a standalone basis, a growth of 85% in its Profit After Tax (PAT) during the quarter ended 30th June, 2010 with a PAT of Rs. 74 crores in comparison to Rs. 40 crores for the same period previous year. Its Total Income at Rs. 401 crores during the quarter ended 30th June,2010 was 22% higher compared to Rs. 329 crores during the same period previous year.
During the period, the Company's gross disbursement registered a growth of 76% at Rs. 2854 crores for the first quarter ended 30th June, 2010, as compared to Rs.1617 crores during the same period previous year.
While maintaining its leadership position as the largest retail financier for the Mahindra range of vehicles and tractors, the Company is also a significant player in car finance and has increased its presence in Heavy Commercial Vehicles & Construction Equipment. MMFSL currently has a network of 487 offices and total asset under management above Rs. 10500 crores.
The Company maintained its quality of assets through continued focus on NPA reduction coupled with buoyant rural cash flow. The Company was able to broad base its sources of funding by including several new banks.
On a consolidated basis, the Total Income for the quarter ended 30th June, 2010 increased by 23% to Rs.413 crores from Rs. 336 crores and the Profit After Tax (PAT) increased by 86% to Rs.80 crores from Rs.43 crores in the corresponding period of the previous year.
SUBSIDIARIES
Mahindra Insurance Brokers Limited (MIBL)
During the first quarter ended 30 June'10, MIBL registered a growth of 44.8% in its income at Rs.11.15 crores as against Rs.7.70 crores in the previous year. The Profit After Tax (PAT) rose by 49.5% at Rs. 4.41 crores as against Rs.2.95 crores registered for the same period previous year.
Mahindra Rural Housing Finance Limited (MRHFL)
MRHFL has disbursed Rs. 39.7 crores during the quarter ended 30 June'10 as against Rs.11.99 crores disbursed during the same period a year ago. The Company made a profit (PAT) of Rs. 1.11 crore during the first quarter ended 30th June, 2010 as compared to profit of Rs. 0.19 crore made during the quarter ended 30th June, 2009.
About Mahindra & Mahindra Financial Services Ltd
Mahindra & Mahindra Financial Services Ltd (MMFSL), part of the US$ 7.1 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.
Standalone
Q1 Highlights - F11
Gross Disbursement up by 76% at Rs. 2854 crores.
Total Income up by 22 % at Rs.401 crores
PAT up by 85 % at Rs.74 crores
Consolidated
Q1 Highlights - F11
Total Income up by 23% at Rs.413 crores
PAT up by 86% at Rs. 80 crores
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