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Mahindra Finance’s income grows 29% in Q1 of FY19

The total Income of Mahindra & Mahindra Financial Services increased by 29 percent at Rs.1940 crore during the quarter ended June 30, 2018, as against Rs.1509 crore in the corresponding period last year

Mahindra Finance’s income grows 29% in Q1 of FY19

The total Income of Mahindra & Mahindra Financial Services (Mahindra Finance), a leading financial services provider company in the rural and semi-urban markets, increased by 29 percent at Rs.1940 crore during the quarter ended June 30, 2018, as against Rs.1509 crore in the corresponding period last year. The Profit After Tax (PAT) stood at Rs. 269 crore during the quarter ended June 30, 2018, as against Rs. 201 crore during the corresponding quarter last year, registering a growth of 34 percent over the same period previous year.

During the quarter ended June 30, 2018, the company’s customer base has crossed 5.5 million. The total Assets Under Management (AUM) stood at Rs. 58,711 crore as on June 30, 2018, as against Rs.48,468 crore as on June 30, 2017, registering a growth of 21 percent.

The total value of assets financed for the quarter ended June 30, 2018, was Rs.10,338.68 crore as against Rs.7,639.90 crore during the same period previous year, registering a growth of 35 percent.

During the quarter, Mahindra Rural Housing Finance Limited (MRHFL), a subsidiary of Mahindra Finance, registered income at Rs.301.98 crore as against Rs.219.49 crore, registering a growth of 38 percent over the same period previous year. The Profit After Tax (PAT) registered was Rs.30.88 crore as against Rs.31.28 crore, registering a de-growth of 1 percent over the same period previous year.

The Total Assets Under Management (AUM) of MRHFL stood at Rs.7,168.15 crore as against Rs.5,357.66 crore, registering a growth of 34 percent over the same period previous year.

The Board of Directors of Mahindra Finance Friday announced the unaudited financial results for the quarter ended June 30, 2018.

In line with direction from Ministry of Corporate Affairs, the Mahindra Finance has adopted Indian Accounting Standards (Ind AS) with effect from April 1, 2018. Results for the quarter (FY19-Q1) are prepared and reported in compliance with Ind AS requirements. The figures for the same quarter previous year (FY18 Q1) have also been restated as per Ind AS.

The company continues to be leading financier for automotive and tractors, including pre-owned vehicles. During the quarter, growth has been higher in the pre-owned and commercial vehicle segment and also have gained market share in its lead products. Collection efficiency in the first quarter has been maintained at levels higher than previous year.

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