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Mahindra and Mahindra Financial Services reported a consolidated net loss of ₹223.18 crore in the third quarter of the fiscal year as against a net profit of ₹474.86 crore in the same period last fiscal.
Total income declined by three per cent to ₹2,993 crore during the quarter ended December 31, 2020, as against ₹3,081 crore during the corresponding quarter last year.
“During the quarter, there were certain segments of customers who did not participate in asset acquisition, and there was also non-availability of certain models leading to a drop in business. While the overall cash flows of the customer showed an improvement, the earnings have not yet returned to pre-Covid situation,” Mahindra Finance said in a statement on Thursday, adding that rural sentiments remain positive and it expects to benefit from the same during the fourth quarter.
The Gross Stage 3 levels stood at 9.99 per cent as at December 31, 2020, against 8.49 per cent as at corresponding reporting date last year. The Net Stage 3 levels stood at 6.57 per cent at the end of the third quarter this fiscal as against 6.67 per cent as at corresponding reporting date last year.
The Stage 3 provisioning coverage ratio stood at 36.6 per cent as at December 31, 2020, against 22.9 per cent as at corresponding reporting date last year.
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