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M&M Financial Services Q3 net profit fell 18% on higher provisions

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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VST industries Q3 net profit up 16% on robust sales

VST Industries reported a net profit of Rs38.70 crore during the December quarter on higher sales growth and lower excise duty

VST Industries, the Hyderabad-based cigarette manufacturer reported a 16% higher net profit during the third quarter on robust sales and lower excise duty.
 

For the quarter to end-December, VST Industries said its net profit grew 16% to Rs38.70 crore from Rs33.40 crore, while its total sales increased 20% to Rs210.73 crore from Rs174.95 crore, a year ago period.
 

According to Monelylife analysis, VST Industries net sales growth rate for the December quarter stood at 20%, which is slightly higher than its three-quarter year-on-year growth rate of 18%. VST Industries operating profit growth rate stood at 28%, which is far high than its three-quarter year-on-year growth rate of 13%. VST Industries commands a high premium, with its return on networth at 44%, yet its market capitalisation stood at 10 times its operating profit.
 

VST Industries closed Wednesday 1.3% down at Rs1,653 on the BSE, while the 30-share benchmark ended the day marginally higher at 21,337.
 

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