With rising aspirations in both rural and urban India, along with the increase in disposable income and spending power, India’s economy is set to leap into the next phase of growth. Signaling a resurgence in rural India, Mahindra Finance registered a 23% growth in total income at Rs.2,246 crore during the quarter ended December 31, 2018, as against Rs.1,831 crore in the corresponding period last year.
With a presence in 330,000 villages across the country, Mahindra Finance has been a driver of growth in the rural pockets of the country. From providing personal loans, vehicle and SME (Small, Medium Enterprise) financing to consumer broking, Mahindra Finance Ltd. has crossed a customer case of 5.9 million.
Ramesh Iyer, Vice Chairman and MD, Mahindra Finance, said, “If you look at the last six quarters, there is a continuous improvement in terms of asset quality. Given the overall strong cash flow for rural markets, and deeper penetration, we don't even see a forward flow happening in terms of (asset) deterioration.”
While continuing to help customers redesign their supply chain, Mahindra Logistics Ltd recorded an 18% growth in revenue from Rs.835 crore to Rs.981 crore for Q3 FY19. The Profit After Tax (PAT) also went up by 24%,