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Systematix Research Report
Mahindra and Mahindra Financial Services Ltd. reported subdued operating performance on sharp 90 basis points QoQ net interest margin contraction and higher opex.
Nonetheless, disbursement growth was healthy at 25% QoQ, with growth across all segments except tractors (down 9.8% QoQ).
Mahindra Finance's asset quality showed significant improvement with stressed asset pool declining by 330 bps to 16.4% on the back of strong collection efficiency. While we remain positive on-
continued growth momentum across all vehicles categories,
scaling up of new business segments, and
improving asset quality, pressure on net interest margins and rising opex remain key risks.
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