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Results
23-Jul-24
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Analysis
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Mahindra & Mahindra Financial Services
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AUM up 23%
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Mahindra and Mahindra Financial Services (MMFSL), on a consolidated basis, has reported 39%
increase in the net profit to Rs 497.66 crore in the quarter ended June 2024
(Q1FY2025). The credit cost for the company rose to 209 bps (annualized) in
Q1FY2025 compared with 144 bps in preceding quarter and declined from 273 bps
in the corresponding quarter last year. The net interest margin (NIM), on
calculated basis, of the company declined to 6.93% in Q1FY2025 compared with 7.59%
in the corresponding quarter last year.
Income
from Operations increased 16% to Rs 3923.06 crore during the quarter ended June
2024, compared to the corresponding previous year quarter. Other Income jumped 61%
to Rs 431.87 crore. The total Income moved up 20% to Rs 4354.93 crore, while
interest expenses increased 23% to Rs 1960.33 crore in the quarter ended June
2024.
The
staff cost moved up 6% to Rs 591.62 crore, while other operating expenses increased
50% to Rs 530.21 crore. The ensuing operating profit improved 13% to Rs 1272.77
crore in the quarter ended June 2024.
Depreciation
rose 14% to Rs 75.82 crore during the quarter under review. Provisions &
write-off declined 6% to Rs 554.55 crore. The profit before tax increased 37% to
Rs 642.40 crore. After accounting for taxation of Rs 164.46 crore, net profits
increased 39% to Rs 497.66 crore in the quarter ended June 2024.
Business highlights
AUM (Business assets) increased to Rs 1,06,339 crores against Rs 86,732
crores, up 23%
Disbursement: Rs 12,741 crores against Rs 12,165 crores, up 5%
Total Income increased 20% to Rs 3760 crore from Rs 3125 crore.
ontinued leadership in Passenger vehicles, Pre-owned vehicles and
Tractors.
Stable Asset quality: GS2%+GS3% < 10%. Stage-3 at 3.6%.
Credit Cost:1.5% in Q1FY2025 from 2.1% in Q1FY24.
Capital Adequacy healthy at 18.5% - Tier-1 Capital at 16.4%.
Provision coverage on Stage 3 loans prudent at 59.8%.
Total liquidity buffer comfortable at Rs 8216 crore
inancial Performance
FY2024:
For the year ended March
2024 (FY2024), MMFSL reported 20% rise in the Income from Operations to Rs
14412.33 crore, against the corresponding previous year period. Other Income
increased 81% to Rs 1557.99 crore. As a result, the total Income grew 24% to Rs
15970.32 crore. Interest expenses moved up 37% to Rs 6959.20 crore, while the
operating expenses increased 19% to Rs 4248.45 crore. Operating profits increased
13% to Rs 4762.67 crore. Depreciation increased 22% to Rs 274.85 crore, while
Provisions & write-off surged 65% to Rs 1955.75 crore. PBT fell 8% to Rs
2588.13 crore. The effective tax rates stood at 25.5% in FY2024 compared with
26.5% in FY2023. Net Profit declined 7% to Rs 1932.69 crore in FY2024 over
FY2023.
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Mahindra &
Mahindra Financial Services: Consolidated Results
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Particulars
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2406 (3)
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2306 (3)
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Var %
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2403 (12)
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2303 (12)
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Var %
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Income from
operations
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3923.06
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3368.83
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16
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14412.33
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12029.51
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20
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Other Income
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431.87
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268.08
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61
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1557.99
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858.95
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81
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Total Income
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4354.93
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3636.91
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20
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15970.32
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12888.46
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24
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Interest Expenses
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1960.33
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1597.19
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23
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6959.20
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5094.30
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37
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Operating Expense
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1121.83
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911.51
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23
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4248.45
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3569.11
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19
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Gross Profits
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1272.77
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1128.21
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13
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4762.67
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4225.05
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13
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Depreciation /
Amortization
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75.82
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66.36
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14
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274.85
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225.96
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22
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Provisions and
write off
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554.55
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592.82
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-6
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1955.75
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1182.59
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65
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PBT before EO
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642.40
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469.03
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37
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2532.07
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2816.50
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-10
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Extra ordinary
item (EO)
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0.00
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0.00
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-
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0.00
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-56.06
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-100
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PBT after EO
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642.40
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469.03
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37
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2532.07
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2760.44
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-8
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Tax Expense
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164.46
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120.58
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36
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645.13
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732.56
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-12
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Net Profit
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477.94
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348.45
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37
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1886.94
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2027.88
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-7
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Minority Interest
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-0.65
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3.53
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-118
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10.36
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-1.20
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-963
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P&L of
Assosiate Co.
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19.07
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13.77
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38
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56.11
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43.32
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30
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PAT
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497.66
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358.69
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39
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1932.69
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2072.40
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-7
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EPS (Rs)*
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16.1
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11.6
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15.7
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17.1
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Adj BV (Rs)
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149.2
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136.2
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149.5
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131.7
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*Annualized on
current equity of Rs 246.89 core excluding EO and relvant tax. Face Value: Rs
2, Figures in Rs crore
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Source:
Capitaline Corporate Database
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