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Mahindra & Mahindra Financial Services (Mahindra Finance) reported a standalone net profit of ₹342 crore in the quarter ended December 31, 2017, against a loss of ₹16 crore in the year-ago period.
During the quarter, the sale of 5 per cent stake by the non-banking finance company in subsidiary Mahindra Insurance Brokers for ₹65 crore contributed to the robust bottomline.
Total income increased 23 per cent year-on-year (y-o-y) at ₹1,846 crore (₹1,503 crore in the corresponding year-ago quarter).
Due to substantial fall in loan-loss provisions and write-offs, the company’s total expenses declined 9 per cent to ₹1,390 crore. Loan-loss provisions and write-offs were at ₹199 crore (₹419 crore in the year-ago quarter).
Total assets under management (AUM) of Mahindra Finance rose 13 per cent to ₹51,782 crore as on December 31, 2017 (₹45,711 crore as on December 31, 2016).
Mahindra Finance’s consolidated net profit after minority interest stood at ₹365 crore (₹12 crore).
The consolidated results include the numbers of Mahindra Insurance Brokers, Mahindra Rural Housing Finance, Mahindra Asset Management Company, and Mahindra Finance USA, LLC.
The company’s shares closed at ₹490.30 apiece, down 3.46 per cent over the previous close on the BSE.
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