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Prabhudas Lilladher Report
Another quarter of erratic performance as Mahindra and Mahindra Financial Services Ltd. reports profit after tax (Rs 10.3 billion) that grew almost three times YoY but declined 167% QoQ standing much higher than our estimates (Rs 390 million).
Provisions at Rs (down 36.6 billion) stood way below estimates (Rs 7.0 billion) declining sharply by almost 100% plus both QoQ/YoY basis.
While M&M Financial succeeded in clocking Rs 10 billion stage-III provision reversals this quarter, the higher quantum of restructuring and repossessions that contained the forward flows bespeak of underlying asset quality challenges.
Furthermore, non performing assets did improve sizably yet remained lower than our expectations and loan de-growth continues with 11% decline YoY and marginally up by mere 1% QoQ.
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