'Mahindra and Mahindra Financial Services (MMFSL), on a consolidated basis, has reported 39%
increase in the net profit to Rs 497.66 crore in the quarter ended June 2024
(Q1FY2025). The credit cost for the company rose to 209 bps (annualized) in
Q1FY2025 compared with 144 bps in preceding quarter and declined from 273 bps
in the corresponding quarter last year. The net interest margin (NIM), on
calculated basis, of the company declined to 6.93% in Q1FY2025 compared with 7.59%
in the corresponding quarter last year.
Income
from Operations increased 16% to Rs 3923.06 crore during the quarter ended June
2024, compared to the corresponding previous year quarter. Other Income jumped 61%
to Rs 431.87 crore. The total Income moved up 20% to Rs 4354.93 crore, while
interest expenses increased 23% to Rs 1960.33 crore in the quarter ended June
2024.
The
staff cost moved up 6% to Rs 591.62 crore, while other operating expenses increased
50% to Rs 530.21 cr...
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