During the financial year 2017-18, Mahindra Rural Housing Finance Limited (MRHFL), a subsidiary of Mahindra & Mahindra Financial Services (Mahindra Finance), registered income at Rs 1000 crore as against Rs 703.4 crore, a growth of 42 percent over the previous year. The Profit After Tax (PAT) was Rs 145.5 crore as against Rs 83 crore, registering a growth of 75 percent over the previous year.
The Board of Directors of Mahindra & Mahindra Financial Services, a leading provider of financial services in the rural and semi-urban markets, on Wednesday, announced the audited financial results for the quarter and financial year ended March 31, 2018.
During the quarter ended March 31, 2018, MRHFL registered income at Rs 313.8 crore as against Rs 219.8 crore, a growth of 43 percent over the same period previous year. The Profit After Tax (PAT) was Rs 71.4 crore as against Rs.38.9 crore, registering a growth of 84 percent over the same period previous year.
The loan assets of Mahindra Rural Housing were at Rs 6247.63 crore as compared to Rs.4823.55 crore of March 2017, registering a growth of 30 percent. The net worth during the year has increased to Rs 734.04 crore from Rs 475.88 crore in previous year, registering a growth of 54 percent.
Mahindra & Mahindra Financial Services, part of the Mahindra Group, is one of India’s leading non-banking finance companies. Focused on the rural and semi-urban sector, the company has over 5.3 million customers and has an AUM of over US$ 8.49 billion. The company is a leading vehicle and tractor financier and also offers fixed deposits and loans to SMEs. The company has 1,289 offices across India.
Mahindra Rural Housing Finance provides loans for purchase, renovation, construction of houses to individuals in the rural and semi-urban areas of the country.