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Mahindra Finance netslips 75% to ₹68 crore

Image result for Mahindra Finance netslips 75% to ₹68 croreAmid turbulence in the NBFC sector, Mahindra and Mahindra Financial Services reported a 75 per cent drop in standalone net profit to a mere 68 crore in the first quarter of the fiscal. Its net profit stood at 269 crore in the same period a year ago.

Total income increased by 24 per cent at 2,413 crore during the quarter ended June 30, 2019, against 1,940 crore in the corresponding quarter last year.

The total value of assets it financed during the first quarter of the fiscal grew by just 3 per cent to 10,598 crore, against 10,339 crore during the same quarter in the previous year.

“The company’s capital and debt position is strong and the ALM position is well balanced,” Mahindra Finance stressed in a statement on Tuesday.

Regarding impaired assets, it said its gross stage 3 levels have gone down to 7.4 per cent for the quarter ended June 30, 2019, from 9.4 per cent during the corresponding quarter last year. The net stage 3 levels went down to 5.7 per cent for the quarter ended June 30, 2019, from 6.3 per cent during the corresponding quarter last year.

[“source=thehindubusinessline”]