Shares of Mahindra & Mahindra Financial Services Ltd. fell for the second consecutive session on Wednesday after its loan disbursement remained subdued in June 2024.
The company's overall loan disbursement grew 3% year-on-year to an estimated Rs 4,370 crore in June. In May 2024, the company's overall disbursement was slightly higher at approximately Rs 4,430 crore.
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The company's first quarter fiscal 2025 disbursement is estimated at Rs 12,730 crore, registering 5% year-on-year growth. The business assets of the NBFC are Rs 1.06 lakh crore, which grew approximately by 4% over March 2024 and by 22% over June 2023.
The collection efficiency was at 95% for June 2024, compared to 96% for June 2023. It is expected to stand at 94% in the first quarter of fiscal 2025.
The company's stage-3 assets are estimated to stand at about 3.6% of total advances, compared to 3.4% as of March 31, 2024. While its stage-2 assets are estimated at around 6.1% of total advancements, against 5% as of March 31, 2024.
The company continued to enjoy a comfortable liquidity position on its balance sheet, with a liquidity chest of over Rs 8,000 crore, the filing said.
Shares of the company fell as much as 4.58%, the lowest level since June 11, before paring loss to trade 1% lower at Rs 299.60 apiece as of 10:06 a.m. This compares to a 0.7% advance in the NSE Nifty 50.
The stock has risen 8% year-to-date and 0.5% in the last 12 months. Total traded volume so far in the day stood at 0.63 times its 30-day average. The relative strength index was at 56.83.
Out of 38 analysts tracking the company, 19 maintain a 'buy' rating, 10 recommend a 'hold' and nine suggest a 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies a downside of 0.7%.
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