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During the December quarter, the Mahindra & Mahindra group company’s net profit fell to Rs164 crore due to difficulties in recovering loans
Mahindra & Mahindra Financial Services Ltd, (Mahindra Finance) India’s second largest NBFC, has reported an 18% fall in third quarter net profit due to higher provisions arising from difficulties in certain parts of India.
For the quarter to end-December, the M&M group company said its net profit fall to Rs164 crore from Rs200 crore, its total revenues, including net interest income (NII), increased 27% to Rs1,271 crore from Rs1,001 crore, a year ago period.
Mahindra Finance has made provisions of Rs180 crore, a significant 120% higher than Rs82 crore a year ago period during the third quarter.
In a release, the M&M group company said, “The company witnessed pressure from certain geographies and products resulting in higher provisions. The same is expected to improve in view of good harvest in due course. The company continued to broad base its consortium of lenders by bringing in new banks, mutual funds, insurance companies and trusts.”
During the quarter, Mahindra Finance reported a 28% growth in its total asset under management (AUM) to Rs32,858 crore compared with Rs25,645 crore a year ago period.
Mahindra & Mahindra Financial Services closed Wednesday 4.9% down at Rs253.95 on the BSE, while the Sensex ended the day marginally up at 21,337.
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