Mumbai: 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 20% in its Total Income at Rs.483 crores for the fourth quarter ended 31st March, 2010 as compared to Rs.402 crores during the same period last year. During the fourth quarter, the Profit After Tax (PAT) rose by 31% to Rs. 144 crores from Rs.110 crores in the corresponding quarter of the previous year.
For F-2010, the total income on consolidated basis increased by 14% at Rs. 1596 crores as against Rs.1400 crores in the same period of the previous year. The Profit After Tax (PAT) for F-2010 was at Rs.356 crores registering a growth of 62% as compared to Rs.220 crores during the same period last year.
The Company has registered on a standalone basis a growth of 19% in its Total Income at Rs. 475 crores during the fourth quarter ended 31st March, 2010 as compared to Rs. 398 crores during the same period previous year. For the quarter ended 31st March, 2010, the company made a Profit After Tax (PAT) of Rs. 140 crores, an increase of 30% from Rs.108 crores for the same period last year.
For the year ended 31st March, 2010, the total income on a standalone basis increased by 13% at Rs.1569 crores as against Rs.1385 crores in the same period of the previous year. The Profit After Tax (PAT) for the year ended 31st March ’10 was at Rs.343 crores registering a growth of 60% as compared to Rs. 215 crores during a year ago period.
The Board also recommended a Dividend @ 75% (Rs.7.50 per equity share) as against 55% (Rs. 5.50 per equity share) declared in the previous year, The Dividend including Dividend distribution tax would entail a outgo of Rs. 85 crores.
“We have put in place various customer centric and employee engagement initiatives which coupled with improved cash flow at the semi urban and rural areas helped us increase business volumes and productivity. Special recovery drives were undertaken all through the year resulting in substantial improvement in collection efficiency and NPA reduction said Ramesh Iyer Managing Director.
“The Company was able to reduce significantly the interest cost through broad basing the borrowing profile and by establishing many new banking relationships”, said Mr. V. Ravi, Chief Financial Officer.
The Company’s value of assets financed has registered a growth of 42% at Rs. 8915 crores for F-2010 as compared to Rs.6281 crores financed during last year. The Assets Under Management has crossed 10000cr during the year. The Company continues to be the largest retail financier for Mahindra range of vehicles and tractors.
Mahindra Insurance Brokers Limited (MIBL)
During F-2010, MIBL registered a growth of 35% in its income at Rs.31 crores as against Rs.23 crores in the previous year. The profit after tax (PAT) also rose by 83% at Rs.11 crores as against Rs.6 crores registered in the previous year.
Mahindra Rural Housing Finance Limited (MRHFL)
MRHFL has disbursed Rs.91 crores during F-2010 as against Rs.43 crores disbursed during F-2009 registering a growth of 112%. The Company’s income registered a growth of 220% at Rs.16 crores as against Rs.5 crores during F-2009. The profit after tax (PAT) was at Rs.2 crores as compared to loss of Rs.1 crore incurred in the last year.
About Mahindra & Mahindra Financial Services Ltd
Mahindra & Mahindra Financial Services Ltd (MMFSL), part of the US$ 6.3 billion Mahindra Group, is one of India’s leading non-banking finance companies with a pan India presence. Focused on the rural and semi-urban sector, it provides finance for utility vehicles, tractors and cars and has the largest network of branches amongst NBFCs operating in these areas. MMFSL currently has a network of 459 offices and total asset under management of Rs.10329 crores.
For further information please contact:
Ms Roma Balwani
Sr. Vice President- Corporate Communication
Mahindra & Mahindra Ltd
Phone: 022 – 2490 1441
Fax: 022 - 2490 0830
Email : firstname.lastname@example.org