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Mahindra and Mahindra Financial Services on Thursday reported further improvement in its operations in February and expressed confidence that its net stage 3 will come in below 4 per cent by the year-end.
The business continued its momentum with disbursements of about ₹2,733 crore, delivering a 44 per cent growth (y-o-y), the company said in an exchange filing. “The year-to-date disbursement stood approximately at ₹23,632 crore, registered a 42 per cent growth y-o-y,” it added.
Positive trend in collections
The collection efficiency for the month was at 98 per cent, same as in the year-ago period. “This was in line with expectations,” it said, adding that the positive trend in collections led to on a month-on-month improvement in asset quality.
Stage 2 and Stage 3 have shown a visible improvement, it said, adding that they are expected to improve further by the of end March. “The company is confident of meeting its commitment to bring the net stage 3 below 4 per cent by the year-end,” it said. During February, the company continued to enjoy a comfortable liquidity position on its balance sheet, with a liquidity chest of over three months.
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