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Mahindra Rural Housing Finance: Income rises, profit declines

Mahindra Rural Housing Finance (MRHFL) is a subsidiary of Mahindra & Mahindra Financial Services (Mahindra Finance), provides home completion loans to the rural households

Mahindra Rural Housing Finance: Income rises, profit declines

Mahindra Rural Housing Finance (MRHFL) has registered income of Rs.393.6 crore during the third quarter, ended December 31, 2019 as against Rs.393.4 crore over the same period previous year. The profit before tax during the quarter was Rs.115.2 crore as against Rs.123.7 crore, a decline of 7 percent over the same period previous financial year. The profit after tax during the quarter ended December 31, 2019, was Rs.90.6 crore as against Rs.77.6 crore, a growth of 17 percent over the same period previous year.

During the three quarters of financial year 2019-20, April to December, MRHFL registered income at Rs.1,127.1 crore as against Rs.1,030.2 crore, a growth of 9 percent over same period of financial year 2018-19. The profit before tax during the these three quarters of FY20 was Rs.217.3 crore as against Rs.262.2 crore, decline of 17 percent over the same period previous year. The profit after tax during the period was Rs.148.1 crore as against Rs.168.5 crore, a decline of 12 percent over the same period previous financial year.

MRHFL, a subsidiary of Mahindra & Mahindra Financial Services (Mahindra Finance), provides home completion loans of Rs 100,000 to the rural households who hold an annual income of Rs 1.5 lakh. Mahindra Finance is a leading provider of financial services in the rural and semi-urban markets.

The consolidated income of Mahindra Finance increased by 14 percent at Rs.3,081 crore during the third quarter, ended December 31, 2019, as against Rs.2,705 crore during the corresponding quarter last year. The profit before tax stood at Rs.629 crore during the quarter ended December 31, 2019, as against Rs.665 crore during the corresponding quarter last year, a decline of 5 percent over the same period previous year. The profit after tax stood at Rs.475 crore during the quarter ended December 31, 2019, as against Rs.409 crore during the corresponding quarter last year, a growth of 16 percent over the same period previous year.

The consolidated income of Mahindra Finance during the first three quarters, April to December 2019, increased by 18 percent at Rs.8,856 crore as against Rs.7,529 crore during the corresponding period last year. The profit before tax stood at Rs.1,296 crore during the nine-month period ended December 31, 2019, as against Rs.1,799 crore during the corresponding period last year, a decline of 28 percent over the same period previous year. The profit after tax stood at Rs.847 crore during the nine-month period ended December 31, 2019, as against Rs.1,167 crore during the corresponding period last year, a decline of 27 percent over the same period previous year.

Read More: What are the dos and don’ts to cater to the rural markets? Tells Anuj Mehra, MD, Mahindra Rural Housing Finance in an exclusive interview




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