Mahindra Finance consolidated total income up by 13 per cent at Rs. 409 crore

Mahindra & Mahindra Financial Services Ltd (Mahindra Finance), a leading player in providing financial services in the rural and semi-urban markets, has registered on a consolidated basis a growth of 13 per cent in its Total Income at Rs. 409 crore for the third quarter ended 31st December, 2009 as compared to Rs.361 crore during the same period last year.  During the 3rd quarter, the Profit After Tax (PAT) rose by 111 per cent to Rs. 97 crore from Rs.46 crore in the corresponding quarter of the previous year. 

 

During the period April to December, 2009, the total income on consolidated basis increased by 11 per cent at Rs. 1113 crore as against Rs. 999 crore in the same period of the previous year.  The Profit After Tax (PAT) for the first nine months ended 31st December'09 was at Rs. 212 crore registering a growth of 93 per cent as compared to Rs.110 crore during the same period last year.

The company has registered on a standalone basis a growth of 13 per cent in its Total Income at Rs. 402 crore during the third quarter ended 31st December, 2009 as compared to Rs. 357 crore during the same period previous year. For the quarter ended 31st December, 2009, the company made a Profit After Tax (PAT) of Rs 93 crore, an increase of 111 per cent from Rs.44 crore for the same period last year.   

During the first nine months period of financial year 2010, the total income on a standalone basis increased by 11 per cent at Rs. 1094 crore as against Rs. 987 crore in the same period of the previous year.  The Profit After Tax (PAT) for the first nine months ended 31st December'09 was at Rs .202 crore registering a growth of 91 per cent as compared to Rs. 106 crore during the same period a year ago.   

The company focused on recovery by forming a specific task force, and was also able to reduce overheads by implementing state of the art mobile technology solutions.  Efficient fund management also significantly helped to improve the performance of the company. 

The company's value of assets financed has registered a growth of 28 per cent at Rs. 6,177 crore for the first nine months period ended 31st December, 2009 as compared to Rs. 4,843 crore during the same period previous year. The company continues to be the largest retail financier for Mahindra range of vehicles and tractors.