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Amid turbulence in the NBFC sector, Mahindra and Mahindra Financial Services reported a 75 per cent drop in standalone net profit to a mere ₹68 crore in the first quarter of the fiscal. Its net profit stood at ₹269 crore in the same period a year ago.
Total income increased by 24 per cent at ₹2,413 crore during the quarter ended June 30, 2019, against ₹1,940 crore in the corresponding quarter last year.
The total value of assets it financed during the first quarter of the fiscal grew by just 3 per cent to ₹10,598 crore, against ₹10,339 crore during the same quarter in the previous year.
“The company’s capital and debt position is strong and the ALM position is well balanced,” Mahindra Finance stressed in a statement on Tuesday.
Regarding impaired assets, it said its gross stage 3 levels have gone down to 7.4 per cent for the quarter ended June 30, 2019, from 9.4 per cent during the corresponding quarter last year. The net stage 3 levels went down to 5.7 per cent for the quarter ended June 30, 2019, from 6.3 per cent during the corresponding quarter last year.
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