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IDBI Capital Report
Mahindra and Mahindra Financial Services Ltd.'s assets under management growth improved to 27% YoY versus 21% YoY (Q3 FY24) led by strong disbursement growth (up 50% YoY) during Q4 FY23.
Management guided for 15% - 20% AUM growth for FY24 led by new business segments. Asset quality improved with gross non-performing asset at 4.5% versus 5.9% led by higher write offs.
Management guided for volatility in asset quality to come down and stable credit cost for the future. Net interest income grew by 10% YoY led by decline in net interest margins. Pre provision operating profit grew by 5% YoY as cost to income ratio inched up. However, profit after tax grew by 14% YoY led by decline in provisions (down 99% YoY).
Mahindra Finance on track to achieve vision 2025 of ~2.5% return on assets (achieved 2.3% FY23).
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