Mahindra Fin Q2 Net Jumps 45% to Rs 566 Crore

Mumbai, Oct 28 (PTI) Non-bank lender Mahindra and Mahindra Financial Services on Tuesday reported a 45 per cent increase in its September quarter consolidated net profit at Rs 566 crore.

The company had reported a net profit of Rs 390 crore in the year-ago period.

On a standalone basis, its profit after tax jumped 54 per cent to Rs 569 crore during the reporting quarter as compared with Rs 369 crore in the year-ago period.

The overall disbursements grew 3 per cent on-year, while the gross loan book was up 13 per cent, it said.

Core net interest income, including dividend and other income, grew 22 per cent on year to Rs 2,423 crore, while the NII margin expanded to 7 per cent from 6.5 per cent in the year-ago period.

The credit costs increased by 7 per cent to Rs 751 crore during the quarter.

Among its subsidiaries, Mahindra Rural Housing Finance's net jumped 50 per cent to Rs 10.9 crore, and Mahindra Insurance Brokers' net profit surged 57 per cent to Rs 20.2 crore.

Mahindra Finance shares closed 0.32 per cent up at Rs 299.90 apiece on BSE on Tuesday against a 0.18 per cent correction on the benchmark Sensex.