Mahindra Finance

Credit quality improves as stage-3 assets dip to 4.6%

On September 22, 2022, the RBI had directed company to immediately cease carrying out any recovery or repossession activity through outsourcing arrangements, till further orders.

As per the charts, SBI and DLF need to conquer the near resistances at Rs 620 and Rs 420, respectively, for fresh gains to emerge.

Mahindra & Mahindra Financial Services (Mahindra Finance) on Wednesday reported over 55 per cent decline in its net profit at Rs 492 crore in the quarter ended September 2022. In the year ago same quarter ended September 2021, it had posted a net profit of Rs 1,103 crore. Total income increased 3 per cent to Rs 3,029 crore during the quarter under review against Rs 2,951 crore during the corresponding quarter last year, it said in a release. The non-banking finance company focused on providing financial services in the rural and semi-urban markets said in Q2FY22 it had witnessed significant reversal of impairment provisions due to improvement in asset quality which had deteriorated during Q1 FY22 during the second wave of Covid-19. This had resulted in a higher profit after tax.

Mahindra & Mahindra Financial Services on Monday said it has raised Rs 275 crore by issuing bonds on a private placement basis. A meeting of the committee of directors was held on October 31, 2022 and it approved the allotment of 2,750 secured redeemable principal protected non-convertible market linked debentures, the company said in a regulatory filing. The face value of the bond is Rs 10 lakh each, aggregating to Rs 275 crore. Mahindra Finance stock was trading at Rs 202.25, down 1.68 per cent on the BSE.

The RBI action of barring M&M Financial from outsourcing recovery agents comes after the Harazibagh incident where a pregnant woman was mowed down to death

In a Q&A, Anish Shah the valuation for the upcoming EV subsidiary is fair and the company will be rewarded adequately by investors soon

Mahindra & Mahindra Financial Services (Mahindra Finance) on Monday reported an over two-fold increase in consolidated net profit at Rs 629 crore for the quarter ended March 2022 as a drop in bad loans helped in credit cost reversal. The company's net profit stood at Rs 219 crore in the same quarter a year ago. Total income during the January-March period of 2021-22, however, declined by 5 per cent at Rs 2,897 crore, as against Rs 3,038 crore in the year-ago quarter, the company said in a release. On standalone basis, the net profit in the March quarter of FY22 rose to Rs 601 crore from Rs 150 crore in Q4 FY21. A reduction in GS-3 (gross stage 3 or gross NPAs) led to significant credit cost reversal, it said. "The gross stage 3 showed significant improvement from 11.3 per cent in December to 7.7 per cent in March, thereby releasing Rs 951 crore from the stage 3 provisions," it said. For the full year 2021-22, company's consolidated net profit jumped by 47 per cent to Rs 1,150 ...

Mahindra & Mahindra Financial Services on Monday said it has raised over Rs 255 crore by issuing bonds on private placement basis. A meeting of the committee of the board on March 28, 2022 approved the allotment of 2,500 secured redeemable non-convertible debentures (NCDs) of face value of Rs 10 lakh each, aggregating to Rs 255.45 crore, through private placement, Mahindra Finance said in a regulatory filing. The tenure of the bonds is 9 years and 234 days, and the date of maturity is November 17, 2031. The bonds carry coupon of 7.45 per cent per annum and the Extended Internal Rate of Return (XIRR) is 7.51 per cent. XIRR is a single rate of return which is applied to each instalment (and any redemptions). It yields the current value of the entire investment.

Mahindra & Mahindra Financial Services on Tuesday said it has raised Rs 300 crore by issuing bonds on a private placement basis. A meeting of the committee of the board on Tuesday approved the allotment of 3,000 secured redeemable non-convertible debentures (NCDs) of a face value of Rs 10 lakh each, aggregating to Rs 300 crore through private placement, Mahindra Finance said in a regulatory filing. The bonds are set to mature on February 22, 2024, it said. The debt instruments bear an interest rate, or coupon, of 5.98 per cent per annum. Shares of Mahindra Finance on Tuesday traded at Rs 151.50 apiece on the BSE, down by 1.27 per cent from the previous close.

Non-banking financial company Mahindra and Mahindra Finance is aiming to reduce its net non-performing assets (NPA) ratio to below 4 per cent by March-end. In the quarter ended December 31, 2021, the company's net NPA (stage 3 assets), stood at 5.63 per cent (as per IND-AS accounting norms). Under the Reserve Bank of India's Prudential Norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances (IRACP), released in November last year, its net NPA was at around 11 per cent in the third quarter of the current fiscal. Its Vice-Chairman and Managing Director Ramesh Iyer said the company is committed to reducing net NPAs to below 4 per cent under IND-AS and below 6 per cent under IRACP, by March-end. The non-bank may be required to make an additional provision in the range of Rs 500 crore to Rs 1,500 crore in Q4 FY22 in order to bring the net NPA below 6 per cent under IRACP norms. Its gross NPA as per IND-AS was at Rs 7,223 crore (11.30 per cent) and unde

Mahindra & Mahindra Financial Services (Mahindra Finance) on Thursday reported an over three-fold rise in consolidated net profit at Rs 1,103 crore for the September quarter, boosted by healthy operating performance and reversal of impairment cost. The company had posted a net profit of Rs 353 crore in the corresponding quarter of last year. Total income declined by 4 per cent to Rs 2,951 crore during the quarter ended September 30, 2021, as against Rs 3,071 crore in the year-ago period, Mahindra Finance said in a release. "Healthy operating performance together with reversal of impairment cost led to a significant sequential recovery in profits after tax which stood at Rs 1,023 crore during the quarter as against PAT of Rs 304 crore during the corresponding quarter last year," it said. Standalone income was down by 5 per cent at Rs 2,522 crore. The gross NPA showed smart recovery from 15.5 per cent in June to 12.7 per cent in September, thereby releasing Rs 1,002 crore from the .

Mahindra Finance on Thursday announced raising up to Rs 225 crore by issuing bonds. A meeting of the duly authorised committee was held on June 24, 2021, approving the allotment of 2,250 secured redeemable non-convertible debentures (NCDs) of face value of Rs 10 lakh each aggregating to Rs 225 crore, Mahindra & Mahindra Financial Services (Mahindra Finance) said in a regulatory filing. The date of allotment of bonds is June 24, 2021 and they are set to mature on June 24, 2026, The five-year tenure bonds carry coupon rate of 6.35 per cent per annum. Mahindra Finance stock traded 0.61 per cent lower at Rs 155.60 apiece on the BSE.

The company expects to build a strong balance sheet in digital business unit which will not just add to the growth of M&M Finance but also help to retain existing customers

Mahindra & Mahindra Financial Services on Thursday reported a consolidated net loss of Rs 223 crore for the third quarter ended December 2020. The financial services provider had posted a net profit of Rs 475 crore in the year-ago quarter. The total income declined by 3 per cent to Rs 2,993 crore during the third quarter as against Rs 3,081 crore in the same quarter last fiscal, Mahindra Finance said in a release. However, for the nine months ended December 2020, the company has posted a 34 per cent decline in consolidated net profit to Rs 561 crore compared to Rs 847 crore a year ago. Total income during April-December was up 3 per cent at Rs 9,132 crore as against Rs 8,856 crore in the same period previous fiscal. On a standalone basis, there was a net loss of Rs 274 crore in the third quarter. It had posted a net profit of Rs 365 crore in the year-ago period. Standalone income was down 2 per cent at Rs 2,575 crore. On asset front, the company's gross stage levels (or bad loan

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Out of 1.6 million customers, 100,000-150,000 accounts are likely to come up for restructuring, according to the company

Mahindra Finance has been looking at expanding its market overseas as part of its global growth strategy

Mahindra & Mahindra Financial Services is planning to raise up to Rs 3,500 crore through a non-convertible debenture issue of various maturities. The base issue size is Rs 500 crore with an option to retain oversubscription up to Rs 3,000 crore, the non-banking finance company said here Thursday. The funds raised through this first tranche will be used for the purpose of onward lending, financing, refinancing the existing debts, long-term working capital and for general corporate purposes. The NCDs bear a fixed interest rate, and are being offered under four different series. Series I (39 months), Series II (60 months) and Series III (96 months) are offered as secured NCDs, while Series IV (120 months) is unsecured subordinated debt. Investors will get 9 to 9.50 percent per annum, respectively, payable annually. The amount reserved for secured and unsecured bonds, opening on January 4 and closing on 25, is Rs 2,500 crore and Rs 1,000 crore, respectively. The lead ..

Gross NPAs have come down from 13.1% in Q2 FY2018 to 9% at the end of Q2 FY2019