Money & Banking

Mahindra Finance: Macro sentiments turning positive in July

Our Bureau Mumbai | Updated on August 04, 2021

The company expects reduction in NPA contracts in August and September

Mahindra and Mahindra Financial Services said it has witnessed an improvement in macro sentiments in July with normalcy returning to the economy as the second wave of the Covid-19 pandemic subsided.

It also expects a significant reduction in a number of NPA contracts in August and September with improved mobility and customer cash flows.

“The NPA contract counts are showing stability and a declining trend,” the NBFC said in a stock exchange filing on Wednesday.

The disbursement during the month at about ₹2,400 crore, more than doubled over a smaller base in July 2020, it further said.

Mahindra Finance also reported an improvement in collection efficiency to about 95 per cent, up from nearly 90 per cent in June 2021, it further said.

With the second wave of the Covid-19 pandemic impacting the semi-urban and rural markets, Mahindra Finance had reported a consolidated net loss of ₹1,573.4 crore in the first quarter of the fiscal.

The gross NPAs were higher at 15.5 per cent as on June 30, 2021 versus 9 per cent as of March 31, 2021.

Published on August 04, 2021

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