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 quarter and year ended 31st March, 2017.
F-2017 Q4 Standalone Results The Total Income increased by 9% at Rs.1843 Crores during the quarter ended 31st March, 2017, as against Rs.1690 Crores in the corresponding period last year. The Profit After Tax (PAT) declined by 37% to Rs.234 Crores during the quarter ended 31st March, 2017, as against Rs.370 Crores during the corresponding period last year.
F-2017 YTD Standalone Results
The Total Income increased by 6% at Rs.6238 Crores during the year ended 31st March, 2017, as against Rs.5905 Crores in the corresponding period last year. The Profit After Tax (PAT) declined by 41% to Rs.400 Crores during the year ended 31st March, 2017, as against Rs.673 Crores during the corresponding period last year.
F-2017 Q4 Consolidated Results
The Total Income increased by 12% at Rs.2133 Crores during the quarter ended 31st March, 2017, as against Rs.1905 Crores in the corresponding period last year. The Profit After Tax (PAT) and Minority interest declined by 32% to Rs.278 Crores during the quarter ended 31st March, 2017, as against Rs.411 Crores during the corresponding period last year.
F-2017 YTD Consolidated Results
The Total Income increased by 9% at Rs.7201 Crores during the year ended 31st March, 2017, as against Rs.6597 Crores in the corresponding period last year. The Profit After Tax (PAT) and Minority interest declined by 34% to Rs.512 Crores during the year ended 31st March, 2017, as against Rs.772 Crores during the corresponding period last year.
Dividend
The Board in its meeting held today recommended a dividend of 120% for the financial year ended 31st March, 2017.
Operations
The Company during the year restructured the organization and created separate verticals for business and recovery with a view to bringing sharper focus on each activity. The effort continued through the year to improve Asset Quality.
During the quarter ended 31st March 2017, the total value of asset financed was Rs.8376 crores. against Rs.6811 crores, a value growth of 23%. The Total value of asset financed for the financial year ended 31st March 2017 was Rs.31659 Crores as against Rs.26706 Crores during the same period previous year, registering a growth of 19%.
The Total Assets Under Management (AUM) of Rs.46776 Crores as on 31st March, 2017, as against Rs.40933 Crores as on 31st March, 2016, a growth of 14%. The Company’s Non-Performing Assets (NPAs) had increased during the first three quarters of the year in view of lower economic activities and weak farm cash flow. The fourth quarter witnessed positive change with improved farm cash flow resulting in reduction of Gross and Net NPA with overall improvement in Collection Efficiency.
The Company follows prudential norms for income recognition, asset classification and provisioning for Non-Performing Assets as prescribed by Reserve Bank of India (RBI) for NBFCs and has also been making provision on an accelerated basis. The cumulative provision over the prescribed RBI norms is at Rs.686 Crores.
