The Board of Directors of Mahindra & Mahindra Financial Services Limited (Mahindra Finance), a leading provider of financial services in the rural and semi-urban markets, announced today, the audited financial results for the quarter and half year ended 30th September, 2014.
Mumbai, October 22, 2014: The Board of Directors of Mahindra & Mahindra Financial Services Limited (Mahindra Finance), a leading provider of financial services in the rural and semi-urban markets, announced today, the audited financial results for the quarter and half year ended 30th September, 2014.
F-2015 Q2 Consolidated Results
The Total Income increased by 14% at Rs.1475 crores during the quarter ended 30th September, 2014 as against Rs.1291 crores in the corresponding period last year. The Profit After Tax (PAT) declined by 6% to Rs.219 crores during the quarter ended 30th September, 2014 as against Rs.232 crores during the corresponding period last year.
F-2015 Q2 Standalone Results
The Total Income increased by 13% at Rs.1369 crores during the quarter ended 30th September, 2014 as against Rs.1213 crores in the corresponding period last year. The Profit After Tax (PAT) declined by 6% to Rs.207 crores during the quarter ended 30th September, 2014 as against Rs.221 crores during the corresponding period last year.
F-2015 H1 Consolidated Results
The Total Income increased by 16% at Rs.2859 crores during the half year ended 30th September, 2014 as against Rs.2461 crores in the corresponding period last year. The Profit After Tax (PAT) declined by 11% to Rs.389 crores during the half year ended 30th September, 2014 as against Rs.436 crores during the corresponding period last year.
F-2015 H1 Standalone Results
The Total Income increased by 15% at Rs.2652 crores during the half year ended 30th September, 2014 as against Rs.2311 crores in the corresponding period last year. The Profit After Tax (PAT) declined by 12% to Rs.362 crores during the half year ended 30th September, 2014 as against Rs.412 crores during the corresponding period last year.
Operations
The rural sentiments continue to remain low in view of the delayed monsoons. Floods in some parts of the country and below normal rainfalls in some geographies have impacted the sentiments and economic activities during the quarter. The customers’ cash flows continue to be under pressure resulting, both in poor off-take of vehicles, tractors and repayment of loans.
With the increased number of branches and trained employees, we have been able to improve our performance in the second quarter in spite of weak market conditions. During the quarter the measures taken for improving collections have worked well and there have been reasonable improvements in the Non Performing Assets. Even though the Automobile and Tractor industries have not registered high growth, with our deep penetration and relationships with OEMs and dealers we were able to register a growth in disbursement over the previous quarter.
Mahindra Finance currently has a network of 1055 offices and Total Assets Under Management of Rs.35694 crores as on 30th September, 2014 as against Rs.31146 crores as on 30th September, 2013, a growth of 15%.
The Company continued to broad base its consortium of lenders by bringing in new Banks, Mutual Funds, Insurance Companies and Trusts.
During this period, India Ratings and Brickworks Ratings upgraded Company’s long term debt rating to “AAA”. CARE Ratings also assigned “AAA” rating to Company’s long term debt.
SUBSIDIARIES
Mahindra Insurance Brokers Limited (MIBL)
During the half year ended 30th September 2014, MIBL registered income at Rs.56.1 crores as against Rs.49.1 crores, a growth of 14% over the same period previous year. The Profit After Tax (PAT) registered was Rs.17.5 crores as against Rs.16.8 crores, registering a growth of 4% over the same period previous year.
During the quarter ended 30th September 2014, MIBL registered income at Rs.29.6 crores as against Rs.24.3 crores, a growth of 22% over the same period previous year. The Profit After Tax (PAT) registered was Rs.9.0 crores as against Rs.8.8 crores, registering a growth of 2% over the same period previous year.
Mahindra Rural Housing Finance Limited (MRHFL)
During the half year ended 30th September 2014, MRHFL disbursed Rs. 427.1 Crores as against Rs. 250.9 Crores during the same period previous year, registering a growth of 70% over the same period previous year. The Profit After Tax (PAT) registered a growth of 65% at Rs. 15.0 Crores as against Rs. 9.1 Crores for the same period previous year.
During the quarter ended 30th September 2014, MRHFL disbursed Rs. 215.6 Crores as against Rs. 137.8 Crores during the same period previous year, registering a growth of 56% over the same period previous year. The Profit After Tax (PAT) registered a growth of 50% at Rs. 9.9 Crores as against Rs. 6.6 Crores for the same period previous year.
