Mahindra Finance's H1 PAT UP by 77%
Mahindra Finance has registered on a consolidated basis a growth of 34% in its Total Income at Rs.493 crores for the quarter ended 30th September 2010 as compared to Rs.368 crores during the same period last year. During the quarter, the Profit After Tax (PAT) rose by 71% to Rs.123 crores from Rs.72 crores in the corresponding quarter of the previous year.
- (1888PressRelease) October 26, 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 consolidated basis a growth of 34% in its Total Income at Rs.493 crores for the quarter ended 30th September 2010 as compared to Rs.368 crores during the same period last year. During the quarter, the Profit After Tax (PAT) rose by 71% to Rs.123 crores from Rs.72 crores in the corresponding quarter of the previous year.
Consolidated
Q2 Highlights - F11
* PAT up by 71% at Rs.123 crores
* Total Income up by 34% at Rs.493 crores
H1 Highlights - F-11 - April,2010 to September,2010
* PAT up by 77% at Rs. 203 crores
* Total Income up by 29% at Rs. 906 crores
During the half year ended 30th September 2010 , the total income on consolidated basis increased by 29% at Rs. 906 crores as against Rs. 704 crores in the same period of the previous year. The Profit After Tax (PAT) for the half year ended 30th September 2010 was at Rs.203 crores registering a growth of 77% as compared to Rs.115 crores during the same period last year.
The Company has registered on a standalone basis a growth of 32% in its Total Income at Rs. 479 crores during the quarter ended 30th September 2010 as compared to Rs. 363 crores during the same period previous year. The Profit After Tax (PAT) during the quarter ended 30th September 2010 was at Rs 116 crores, an increase of 68% from Rs.69 crores for the same period last year.
During the half year ended 30th September 2010, the total income on a standalone basis increased by 27% at Rs. 880 crores as against Rs. 692 crores in the same period of the previous year. The Profit After Tax (PAT) for the half year ended 30th September 2010 was at Rs.191 crores registering a growth of 75% as compared to Rs. 109 crores during the same period a year ago.
The Company's disbursement registered a growth of 63% at Rs.6217 crores for the first half year ended 30th September, 2010 as compared to Rs.3804 crores during the same period previous year.
While maintaining its leadership position as the largest retail financier for Mahindra range of vehicles and tractors, the Company has significantly increased its focus as a car financier and has increased its presence in Heavy Commercial Vehicles & Construction Equipment. MMFSL currently has a network of 506 offices and total asset under management above Rs.12000 crores.
The Company's continued focus on NPA reduction coupled with buoyant rural cash flow, enabled it to maintain 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 half year ended 30th September 2010, MIBL registered a growth of 61% in its income at Rs.23.4 crores as against Rs.14.5 crores in the previous year. The Profit After Tax (PAT) rose by 81% at Rs. 9.4 crores as against Rs. 5.2 crores registered for the same period previous year.
Mahindra Rural Housing Finance Limited (MRHFL)
MRHFL has disbursed Rs. 82.9 crores during the half year ended 30th September 2010 as against Rs. 29.6 crores disbursed during the same period a year ago. The Company made a profit ( PAT ) of Rs.3.6 crore during the half year ended 30th September 2010 as compared to profit of 0.4 crore made during the same period previous year.
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.
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