Q1FY24 Quarterly Result Announced for Mahindra & Mahindra Financial Services Ltd.
Mahindra & Mahindra Financial Services announced Q1FY24 results: Consolidated Q1FY24: Total income increased by 25% at Rs 3,637 crore during Q1FY24, against Rs 2,914 crore during Q1FY23. The PAT stood at Rs 362 crore during Q1FY24, as against Rs 240 crore during Q1FY23. The balance sheet remains strong with Capital adequacy at 21.2%. Standalone Q1FY24: Total income was at Rs 3,125 crore for Q1FY24, an increase of 25% YoY aided by growth in asset book. Disbursement at Rs 12,165 crore; growth 28% YoY Loan book of Rs 86,732 crore; YoY growth of 28%; sequential growth of 5% Gross stage 3 at 4.3% vs 8.0% in Q1FY23; Net Stage 3 at 1.8% vs 3.5% in Q1FY23 Net interest margin for Q1FY24 was at 6.8%; net interest Income at Rs 1,675 crore increased by 7% YoY, impacted by the change in portfolio mix and increased interest costs. PAT was at Rs 353 crore for Q1FY24 as against Rs 223 crore during Q1FY23, a growth of 58% YoY Capital adequacy is healthy at 21.2%. Provision coverage on Stage 3 loans is maintained at 60.1%. As of June end, the Company carried a total liquidity buffer of approximately Rs 9,350 crore - covering 3 months’ obligations. Result PDF28-07-2023