Mahindra Finance Announces 9% Increase In Total Income To Rs 9,296 cr

Mahindra Finance announced a 9 per cent  increase in total Income which stood  at Rs 9,296 crore during the nine-month ended December 31, 2022, as against Rs 8,503 Crores during the corresponding nine-month last year.

The Company reported PAT of Rs 629 Crores during the quarter. FY23 PAT was at Rs 1,300 Crores vs Rs 388 crore in 9M FY22, growth of 235 per cent. Third quarter of the previous year continued with significant reversal of impairment provisions as a result of improvement in asset
quality which had deteriorated during Q1 FY22 due to second wave of Covid-19.

Continued and Steady improvement in asset quality – gross stage 3 improves to 5.9 per cent (6.7 per cent in (Q2 FY23) and gross stage 2 improves to 8.4 per cent (9.7 per cent in Q2 FY23). Provision coverage on Stage 3 loans was maintained at 59.0 per cent.

As of December end, the company carried a total liquidity buffer of approximately Rs 10,800
crore - covering more than 3 months’ obligations.