Mahindra & Mahindra Financial Services said that its overall disbursement for the month of May 2024 is estimated at Rs 4430 crore, recording a growth of 7 per cent on-year. The YTD May 2024 disbursement stood at Rs 8360 crore, which is up 6 per cent in comparison to previous year.
M&M Financial released its May business update, wherein it stated that its business assets were at approximately Rs 1,05,250 crore, up approximately 3 per cent over March 2024 and around 23 per cent over May 2023. The Collection Efficiency (CE) was at 96 per cent for May 2024 as against 96 per cent for May 2023.
Stage-3 and Stage-2 assets, it added, have remained below 10 per cent put together. “The company continued to enjoy a comfortable liquidity position on its balance sheet, with a liquidity chest of over Rs 7510 crore,” it said in a regulatory filing.
Earlier in May, M&M Financial had released its fiscal fourth quarter earnings with net profit at Rs 619 crore, down 9.5 per cent on-year, as compared to Rs 684 crore during the same period last year. The company’s net interest income for the quarter stood at Rs 3706.10 crore, up 21 per cent YoY. Loan growth remained strong with total assets increasing 24 per cent YoY to Rs 1.02 lakh crore. Disbursements during the quarter under review rose by 11 per cent to Rs 15,292 crore.