The total revenue reported by Mahindra Finance is INRAs of May 4, sales for the quarter ending March 31, 2024 were 370.6 billion yen, an increase of 21% compared to the same period last year. However, profit after tax (PAT) decreased slightly by 10% compared to the previous year.settle down to INR14% increase in net interest income (NII) of $619 million. INR197.1 billion. Net interest margin (NIM) is fairly stable at 7.1%. Reported spending increased a total of 11% during the quarter. INR1,529.2 billion yen, and the total loan amount recorded an astonishing growth of 24% compared to the previous year. INR102,597 billion yen.
The company also demonstrated significant improvement in asset quality, including a significant reduction in Stage 3 assets from 4.0% in December 2023 to 3.4%. Annual credit costs were maintained within his 1.5% to 1.7% target range. Effective risk management strategies.
In the company's consolidated financial statements, total profit is INRFourth quarter sales were 433.3 billion yen, up 23% year over year, with PAT down slightly by 1%. INR671 million. Consolidated expenditures also increased by 11% compared to the previous year. INR16,174 billion.
The company's strategic initiatives include strengthening its presence in vehicle finance, particularly used car finance, which grew by 18% during FY24. Additionally, Mahindra Finance announced plans to strengthen its services in the non-vehicle finance segment with the aim of increasing assets under management (AUM) to 15% in the medium term. This includes increased investment in areas such as small and medium enterprise (SME) lending, lease and purchase (LAP) and leasing through the Quiklyz platform.
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