M&M Finance gains on 15% rise YoY in disbursements in August
M&M Finance’s disbursements so far in 2023 stood at a total of Rs 20,950 crore since the start of the year (till August), marking a 22 per cent rise YoY compared to the same period a year ago.
Shares of Mahindra and Mahindra Finance gained 2 per cent in morning trade on Tuesday after the financial services arm of the Mahindra and Mahindra Group reported a rise in disbursements year-on-year in the month of August.
The non-banking finance company informed bourses that its disbursements increased by 15 per cent YoY in August to a total of Rs 4,400 crore.
M&M Finance’s disbursements so far in 2023 stood at a total of Rs 20,950 crore since the start of the year (till August), marking a 22 per cent rise YoY compared to the same period a year ago.
M&M Finance collections remain flat in August
The company also informed bourses that its business assets grew to the tune of Rs 90,500 crore on the back of healthy loan disbursement growth. Total business assets grew by 9.4 per cent against the period of March 2023 and by 27 per cent YoY.
Meanwhile, the company’s collection efficiency (CE) remained flat in August compared to the year ago period. Mahindra and Mahindra Finance reported its CE to be at 96 per cent in August 2023, the same as the CE reported in August 2022.
The company’s Stage 2 and Stage 3 assets remained range bound when compared to the period of June 2023. The company also continued to maintain a comfortable liquidity chest of 3 months of its requirement.
The NBFC has also informed bourses that it will be holding an investors conference at the 2nd Annual BFSI Conference on September 7, in Mumbai.
Shares of the company were trading 0.34 per cent higher at Rs 296.95 apiece on BSE at 11:12 AM. The company’s shares have witnessed a tepid run in the past few weeks, rising by just around 2.5 per cent in the previous month. However, the last year long period has seen the company’s share price rise by 41 per cent.
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