Mahindra & Mahindra Financial Services Ltd (Mahindra Finance) today reported 37 per cent decline in consolidated net profit at Rs 107 crore in the first quarter ended June 30 of the current fiscal.
Company’s net profit stood at Rs 170 crore during the April-June quarter of 2014-15.
“The total income increased by 9 per cent to Rs 1,513 crore during the quarter ended June 30, 2015 as against Rs 1,384 crore in the corresponding quarter last year,” it said in a filing on BSE.
On standalone basis, net profit declined by 43 per cent to Rs 89 crore as against Rs 155 crore in the year-ago period.
Total standalone income was up by 7 per cent at Rs 1,368 crore, as against Rs 1,283 crore a year ago.
Mahindra Finance is a provider of financial services in rural and semi-urban markets.
Its total assets under management were at Rs 37,554 crore as of June 30, as against Rs 34,271 crore a year ago.
Mahindra Finance stock closed 0.81 per cent higher at Rs 267.15 on the BSE.