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Mahindra and Mahindra Financial Services Ltd (MMFSL) posted a 17 per cent drop in third quarter standalone net profit as the company set aside more money to cover loan losses pushing the overall expenses up.
In the quarter ended December 31, 2014, the non-banking finance company posted a net profit of Rs 136 crore against Rs 164 crore, a year ago.
The company set aside Rs 269 crore in the third quarter of the current financial year against Rs 180 crore, a year ago.
Total expenses rose by a fourth to Rs 540 crore.
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