F-12 Q1 PAT up by 38% , F-12 Q1 Income up by 42%

July 29, 2011 - PRLog -- Mumbai, July 29, 2011 : The Board of Mahindra & Mahindra Financial Services Ltd (Mahindra Finance), a leading provider of financial services in the rural and semi-urban markets today, approved the financial results for the quarter ended 30th June 2011.

F-2012 Q1 M&MFSL Standalone Results

The Total Income increased by 41% at Rs.564 crores during the quarter ended 30th June 2011 as against Rs.401 crores in the corresponding period last year.  The Profit After Tax (PAT) was at Rs.102 crores during the quarter ended 30th June 2011 registering a growth of 38% as compared to Rs. 74 crores during the corresponding period last year.

Operations

The Company’s disbursement registered a growth of 34% at Rs.3834 crores for the quarter ended 30th June 2011 as compared to Rs.2854 crores during the same period previous year.

The Company has not entered into any assignment transaction in the quarter ended 30th June 2011, pending certain clarifications from the regulators on priority sector lending guidelines.

While maintaining its leadership position as the largest retail financier for semi urban and rural markets, the Company has significantly improved its performance as a car financier and has increased its presence in Heavy Commercial Vehicles & Construction Equipment. M&MFSL currently has a network of 559 offices and total asset under management are Rs.15869 crores as on 30th June 2011

The Company’s continued focus on NPA reduction coupled with prudential lending policies enabled it to improve quality of assets.  The Company was able to broad base its consortium by bringing in new banks.

SUBSIDIARIES

Mahindra Insurance Brokers Limited (MIBL)

During the quarter ended June 30, 2011, MIBL registered income at Rs.8.86 crores as against Rs.11.15 crores in the same period previous year. The Profit After Tax (PAT) registered was Rs. 1.72 crores as against Rs. 4.41 crores registered for the same period previous year. The reduction is primarily on account of the impact of the regulatory clarification on Guidelines issued by IRDA on Group Insurance Policies.

Mahindra Rural Housing Finance Limited (MRHFL)

MRHFL has disbursed Rs.59.21 crores during the quarter ended 30th June 2011 as against Rs.39.68 crores disbursed during the same period previous year, registering a growth of  49 % over the same period previous year. The Profit After Tax (PAT) registered a growth of 53 % at Rs. 1.70 crores as against Rs. 1.11 crores registered for the same period previous year.

FY-2012 Q1 Consolidated Results

The total income increased by 42% at Rs. 585 crores during the quarter ended 30th June 2011 as against Rs.413 crores during the corresponding period last year. The PAT increased by 31% at Rs.105 crores for the quarter ended 30th June 2011 as compared to Rs.80 crores during the same period last year.

About Mahindra & Mahindra Financial Services Ltd

Mahindra & Mahindra Financial Services Ltd (M&MFSL), part of the US $12.5 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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Mahindra enjoys a leadership position in utility vehicles, tractors and information technology, with a significant and growing presence in financial services, tourism, infrastructure development, trade and logistics.