The Hindu Business Line : Mahindra Finance Q3 net up 59 pc

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Mumbai Jan. 24 Mahindra & Mahindra Financial Services Ltd has recorded a 59 per cent rise in net profit to Rs 26 crore in the third quarter ended December 31, 2006 against Rs 16 crore in the corresponding period year-ago.

Total sales jumped 45 per cent to Rs 578 crore, said a press release by the company.

"Our performance in this quarter is a strong reflection of the increasing demand from the rural markets of India. The jump in our topline can be mainly attributed to the overall growth in the auto industry, our strategic alliance with other leading automobile manufacturers and continued preference by customers to use Mahindra Finance products," said Mr Ramesh Iyer, Managing Director, Mahindra Finance.

"We have also expanded our branch network to 400 locations across the country," he added.

Total income increased to Rs 216.93 crore (Rs 141.29 crore) and total expenditure rose to Rs 178.21 crore (Rs 117.56 crore).

"During the third quarter we have improved our spreads and this has helped boost our performance. But more importantly the effective cost-control measures and innovative borrowing strategies have benefited the bottomline," said Mr V. Ravi, Chief Financial Officer, Mahindra Finance.

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