Mahindra Finance F2012 Q4 PAT up by 45 per cent
AUM Crosses Rs.20,000 crores
Customer Base Crosses 2 Million
Board Recommends 140% Dividend
Mumbai, April 23, 2012 : The Board of Directors of Mahindra & Mahindra Financial Services Ltd (Mahindra Finance), a leading provider of financial services in the rural and semi-urban markets, announced today, the audited financial results for the year ended 31st March 2012.
F-2012 Q4 Standalone Results
The Total Income increased by 45% at Rs.847 crores during the quarter ended 31st March 2012 as against Rs.586 crores in the corresponding period last year. The Profit After Tax (PAT) was at Rs.228crores during the quarter ended 31st March 2012 registering a growth of 45% as compared to Rs.157 crores during the corresponding period last year and a growth of 47% against preceding quarter ended 31st December 2011.
F-2012 YTD Mar’12 Standalone Results
The Total Income increased by 41% at Rs.2795 crores during the year ended 31stMarch 2012 as against Rs.1978 crores in the corresponding period last year. The Profit After Tax (PAT) was at Rs.620 crores during the year ended 31st March 2012 registering a growth of 34% as compared to Rs.463 crores during the corresponding period last year.
The Board in its meeting held today recommended a dividend of Rs.14 per share as against Rs.10 paid during the last year.
The earnings per share (basic) increased from Rs.47.85 per share during F2011 to Rs.60.46 per share during F2012.
Operations
MMFSL over the last financial year, registered a disbursement growth of 35%, maintaining its leadership position for vehicles and tractors in the rural and semi urban markets. The Company has significantly improved its performance as a car and utility vehicle financier, it has also made a significant growth in financing of Heavy Commercial Vehicles & Construction Equipment.
During the year, the company’s customer base has crossed the 2 million mark in the month of March 2012. The last 1 million customers were added in less than 3 years compared to the 13 years it took to achieve the first million customers.
The Company maintained healthy growth in its profits in spite of increased borrowing cost, mainly by efficient NPA Management.
MMFSL currently has a network of 607 offices and Total Assets Under Management of Rs.20643 crores as on 31st March 2012.
The Company continued to broad base its consortium of lenders by bringing in new Banks, Mutual Funds, Insurance Companies and Trusts.
SUBSIDIARIES
Mahindra Insurance Brokers Limited (MIBL)
During the year ended 31st March 2012, MIBL registered income at Rs.46.6 crores as against Rs.51.8 crores in the same period previous year. The Profit After Tax (PAT) for the year ended 31st March 2012 was Rs.13.5 crores as against Rs.21.8 crores registered for the same period previous year. The reduction is primarily on account of the impact of the regulatory clarification on Guidelines on Group Insurance Policies issued by the IRDA. A revised process was implemented in line with the clarifications, and the Company has been able to register a growth rate of 41% in PAT in Quarter 4, compared to Quarter 4 of previous year.
Mahindra Rural Housing Finance Limited (MRHFL)
MRHFL has disbursed Rs.266.75 crores during the the year ended 31st March 2012 as against Rs.202.86 crores disbursed during the same period previous year, registering a growth of 31.49% over the same period previous year. The Profit After Tax (PAT) registered a growth of 34.47% at Rs. 11.91 crores as against Rs. 8.86 crores registered for the same period previous year. During the period, NHB has issued notification on providing 0.40% provision on all standard assets and increased provisioning requirements on non- performing assets with immediate effect. The amount of Rs. 1.26 crores is debited to profit and loss account on account of above notification.
F-2012 YTD Mar’12 Consolidated Results
The Total Income increased by 43% at Rs.2910 crores during the twelve month period ended 31stMarch 2012 as against Rs.2039 crores in the corresponding period last year. The Profit After Tax (PAT) was at Rs.643 crores during the twelve month period ended 31st March 2012 registering a growth of 30% as compared to Rs. 493 crores during the corresponding period last year.
About Mahindra & Mahindra Financial Services Ltd
Mahindra & Mahindra Financial Services Ltd (MMFSL), part of the US $14.4 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 vehicles and tractors and has the largest network of branches amongst NBFC's operating in these areas.
Mahindra Insurance Brokers Ltd. (MIBL) is a wholly-owned subsidiary company of Mahindra & Mahindra Financial Services Ltd. MIBL is a licensed Composite Broker providing Direct and Reinsurance broking services.
Mahindra Rural Housing Finance (MRHFL) a subsidiary of MMFSL provides loans for purchase, renovation, construction of houses to individuals in the rural areas of the country.
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For further information please contact:
Ms Roma Balwani
Senior Vice President and Group Head, Corporate Communications
Mahindra & Mahindra Ltd.
Mumbai, India
Phone: (+91-22) 2497 5176
Email: balwani.roma@mahindra.com