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Yes Securities Report
Mahindra and Mahindra Financial Services Ltd. delivered a mixed performance in Q1 FY23 which was strong on disbursements and asset growth but below expectations on operating profits, asset quality and credit cost.
Loan originations were higher QoQ at Rs 95 billion, notwithstanding the usual seasonality aided by-
strong demand across products,
maintenance of leadership position in Mahindra utility vehicle and tractor financing,
market share gains in other products (including used vehicles),
improving vehicle supply,
increased new/used vehicle prices and
strong growth in small and medium enterprise lending (augmented distribution and introduction of loan against property and non-banking financial company loans).
Even though collection efficiency on the non-stressed pool was strong, M&M Financial's business assets grew by 4% QoQ.
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