M&M Financial Q1 Results: Standalone PAT jumps 45% YoY to Rs 513 crore, NII up 15%

Mahindra & Mahindra Financial Services on Tuesday reported a standalone profit after tax (PAT) of Rs 513 crore for the quarter ended June 30, 2024 — growth of 45% YoY over Rs 353 crore reported by the company in the year- ago period. Its net interest income (NII) was reported at Rs 1,932 crore in the reported quarter, up by 15% versus Rs 1,675 reported in the corresponding quarter of the previous financial year.

The total income grew 20% YoY in the reporting quarter to Rs 3,760 crore.

The standalone Pre-Provisioning Operating Profit (PPOP) was reported at Rs 1,135 crore, up 13% over Rs 1,000 crore in Q1FY24.


The company managed to bring down its credit costs in the April-June quarter to Rs 448 crore from Rs 526 crore in Q1FY24, recording 15% decline. The credit costs as a percentage of average total assets stood at 1.5% versus 2.1% in Q1FY24.

Mahindra & Mahindra Financial Services' gross loan book stood at Rs 1,06,339 crore at the end of June 30, 2024, up 23% versus Rs 86,732 crore in Q1FY24.

Disbursements in the reported quarter stood at Rs 12,741 crore, a 5% uptick over Rs 12,165 crore in Q1FY24.

Meanwhile, consolidated net profit of Rs 497 crore for the quarter ended June 30, 2024, which was up by 37% over Rs 362 crore reported by the company in the year-ago period.

Mahindra Finance is among the top five NBFCs for financing three-wheelers, passenger vehicles (PVs), commercial vehicles (CVs), light commercial vehicles (LCVs) and small commercial vehicles (SCVs). It is the leading financier in the tractors’ segment. The company now also holds a strong position in the pre-owned vehicle business.

The earnings were announced during market hours and the stock was trading at Rs 294.20 on the NSE, up by Rs 1.80 or 0.62% over Monday’s closing price.

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