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Centrum Broking Report
Mahindra and Mahindra Financial Services Ltd.'s earnings were mixed as operational numbers were a beat while asset quality was a miss.
Net interest income was ahead due to higher net interest margin. Credit flow improved QoQ as the main segments saw demand uptick led by better monsoons and harvest.
Mahindra Finance's management outlook is optimistic and it is confident of achieving a ~25% disbursal growth in FY23. Pre-provision operating profit was better driven by higher NII.
While provisions saw a reversal as collections enhanced led by superior cash flows, reducing stage-III QoQ by 1.4% to 11.3%, gross non-performing asset as per Income Recognition and Asset Classification (Reserve Bank of India directive) escalated to 17%.
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