Mahindra Finance announces F-2015 Results

  • F-2015 YTD Dec.2014 Income up by 15%
  • F-2015 YTD Dec.2014 PAT down by 12%
  • F-2015 Q3 Income up by 12%
  • F-2015 Q3 PAT down by 14%

Mumbai, January 17, 2015: 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 unaudited financial results for the third quarter and nine months period ended 31st December, 2014.

F-2015 Q3 Consolidated Results

The Total Income increased by 12% at Rs.1522 crores during the quarter ended 31st December, 2014 as against Rs.1363 crores in the corresponding quarter last year. The Profit After Tax (PAT) declined by 14% to Rs.157 crores during the quarter ended 31st December, 2014 as against Rs.182 crores during the corresponding quarter last year.

F-2015 Q3 Standalone Results

The Total Income increased by 10% at Rs.1396 crores during the quarter ended 31st December, 2014 as against Rs.1271 crores in the corresponding quarter last year. The Profit After Tax (PAT) declined by 17% to Rs.136 crores during the quarter ended 31st December, 2014 as against Rs.164 crores during the corresponding quarter last year.

F-2015 YTD Consolidated Results

The Total Income increased by 15% at Rs.4381 crores during the nine months period year ended 31st December, 2014 as against Rs.3825 crores in the corresponding period last year. The Profit After Tax (PAT) declined by 12% to Rs.546 crores during the nine months period ended 31st December, 2014 as against Rs.618 crores during the corresponding period last year.

F-2015 YTD Standalone Results

The Total Income increased by 13% at Rs.4047 crores during the nine months period year ended 31st December, 2014 as against Rs.3582 crores in the corresponding period last year. The Profit After Tax (PAT) declined by 14% to Rs.498 crores during the nine months period ended 31st December, 2014 as against Rs.577 crores during the corresponding period last year.

Operations

Mahindra Finance Customer Base crossed 3.5 Million Customers as on December 2014. The Company currently has a network of 1088 offices and Total Assets Under Management of Rs.36502 crores as on 31st December, 2014 as against Rs.32858 crores as on 31st December, 2013, a growth of 11%.

The Company continued to broad base its consortium of lenders by bringing in new Banks, Mutual Funds, Insurance Companies and Trusts. During this period, India Ratings and Brickworks Ratings upgraded Company’s long term debt rating to AAA. CARE Ratings also assigned AAA rating to Company’s long term debt.

SUBSIDIARIES

Mahindra Insurance Brokers Limited (MIBL)

For the quarter ended December 31, 2014, MIBL registered income at Rs.34.5 Crores as against Rs.29.6 Crores, registering a growth of 16% over the same quarter previous year. The Profit After Tax (PAT) registered was Rs.12.6 Crores as against Rs.12.2 Crores, registering a growth of 3% over the same quarter previous year.

For the nine months ended 31st December 2014, the Company’s Insurance Broking subsidiary registered Income at Rs.90.6 crores as against Rs.78.7 crores, registering a growth of 15% over the same period previous year. The Profit After Tax (PAT) was Rs.30.1 crores as against Rs.29.0 crores, registering a growth of 4% over the same period previous year.

Mahindra Rural Housing Finance Limited (MRHFL)

For the quarter ended 31st December 2014, MRHFL disbursed Rs. 216.0 Crores as against Rs. 140.8 Crores during the same period previous year, registering a growth of53% over the same quarter previous year. The Profit After Tax (PAT) registered a growth of 41% at Rs. 7.6 Crores as against Rs. 5.4 Crores registered for the same quarter previous year.

For the nine months ended 31st December 2014, MRHFL disbursed Rs. 643.1 Crores as against Rs. 391.7 Crores during the same period previous year, registering a growth of 64% over the same period previous year. The Profit After Tax (PAT) registered a growth of 55% at Rs. 22.6 Crores as against Rs. 14.6 Crores registered for the same period previous year.

About Mahindra & Mahindra Financial Services Limited

Mahindra  Mahindra Financial Services Limited (Mahindra Finance), part of the Mahindra Group, is one of India’s leading non-banking finance companies. Focused on the rural and semi-urban sector, the Company has over 3.5 million customers and has an AUM of over USD 5 billion. The Company is a leading vehicle and tractor financier and also offers fixed deposits and loans to SMEs. The Company has over 1,000 offices across the country and is the first finance Company from India to form a part of Dow Jones Sustainability Index.

The Company's Insurance Broking subsidiary, Mahindra Insurance Brokers Limited (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.

The Company has a JV in US, Mahindra Finance USA, in partnership with De Lage Landen, a subsidiary of Rabo Bank, for financing Mahindra tractors in US.

About Mahindra

The Mahindra Group focuses on enabling people to rise through solutions that power mobility, drive rural prosperity, enhance urban lifestyles and increase business efficiency.

A USD 16.5 billion multinational group based in Mumbai, India, Mahindra provides employment opportunities to over 200,000 people in over 100 countries. Mahindra operates in the key industries that drive economic growth, enjoying a leadership position intractors,utility vehicles,information technology, financial services and vacation ownership. In addition, Mahindra enjoys a strong presence in theagribusiness, aerospace, components, consulting services, defence, energy, industrial equipment, logistics,real estate, retail, steel, commercial vehicles andtwo wheeler industries.

In 2014, Mahindra featured on the Forbes Global 2000, a comprehensive listing of the world’s largest, most powerful public companies, as measured by revenue, profit, assets and market value. The Mahindra Group also received the Financial Times Boldness in Business’ Award in the Emerging Markets’ category in 2013.

Visit us at www.mahindra.com

For further enquiries please contact:

Ruzbeh Irani

Chief Group Communications and Ethics Officer and

Member of the Group Executive Board

Mahindra Group 

Phone: +91 22 2490 1441

Email: group.communications@mahindra.com

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