BWI: Mahindra Finance Announces its Audited Financial Results for the Quarter and Half Year Ended 30th September, 2013

Press release from Business Wire India
Source: Mahindra & Mahindra Ltd.
Tuesday, October 22, 2013 12:31 PM IST (07:01 AM GMT)
Editors: General: Economy, People; Business: Banking & financial services, Business services, Financial Analyst, Major diversified industrial groups, Stock exchanges
--------------------------------------------------
Mahindra Finance Announces its Audited Financial Results for the Quarter and Half Year Ended 30th September, 2013


Mumbai, Maharashtra, India, Tuesday, October 22, 2013 -- (Business Wire India) -- F-2014 H1 Consolidated Income up by 32%

F-2014 H1 Consolidated PAT up by 20%

The Board of Directors of Mahindra & Mahindra Financial Services Limited (Mahindra Finance), a leading provider of financial services in the rural and semi-urban markets, announced today, the audited financial results for the quarter and half year ended 30th September, 2013.

F-2014 H1 Consolidated Results

The Total Income increased by 32% to Rs.2461 crores from Rs.1861 crores in the corresponding period last year. The Profit After Tax (PAT) registered a growth of 20% at Rs.436 crores during the half year ended 30th September, 2013 as compared to Rs.364 crores during the corresponding period last year.

F-2014 Q2 Consolidated Results

The Total Income increased by 32% to Rs.1291 crores from Rs.976 crores in the corresponding period last year. The Profit After Tax (PAT) registered a growth of 20% at Rs.232 crores during the quarter ended 30th September, 2013 as compared to Rs.193 crores during the corresponding period last year.

F-2014 H1 Standalone Results

The Total Income increased by 31% to Rs.2311 crores from Rs.1768 crores in the corresponding period last year. The Profit After Tax (PAT) registered a growth of 18% at Rs.412 crores during the half year ended 30th September 2013 as compared to Rs.349 crores during the corresponding period last year.

F-2014 Q2 Standalone Results

The Total Income increased by 31% to Rs.1213 crores from Rs.929 crores in the corresponding period last year. The Profit After Tax (PAT) registered a growth of 18% at Rs.221 crores during the quarter ended 30th September 2013 as compared to Rs.188 crores during the corresponding period last year.

Operations

Mahindra Finance, during the half year ended 30th September, 2013, registered a disbursement growth of 17% against the corresponding period last year, maintaining its leadership position for vehicles and tractors in the rural and semi urban markets.

The Company maintained healthy a growth of business and profits despite slowdown in auto industry growth and continuing high cost of borrowings through control of transaction costs and maintaining high collection efficiency levels.

Mahindra Finance currently has a network of 687 offices and Total Assets Under Management of Rs.31,146 crores as on 30th September 2013 as against Rs.23,770 crores as on 30th September 2012, a growth of 31%.

The Company continued to broad base its consortium of lenders by bringing in new Banks, Mutual Funds, Insurance
Companies and Trusts.

SUBSIDIARIES

Mahindra Insurance Brokers Limited (MIBL)

During the half year ended 30th September 2013, MIBL registered income at Rs.49.1 crores as against Rs.37.7 crores, registering a growth of 30% over the same period previous year. The Profit After Tax (PAT) was Rs.16.8 crores as against Rs.14.0 crores, registering a growth of 20% over the same period previous year.

During the quarter ended 30th September 2013, MIBL registered income at Rs.24.3 crores as against Rs.19.7 crores, registering a growth of 23% over the same period previous year. The Profit After Tax (PAT) was Rs.8.8 crores as against Rs.7.0 crores, registering a growth of 26% over the same period previous year.

Mahindra Rural Housing Finance Limited (MRHFL)

During the half year ended 30th September 2013, MRHFL disbursed Rs.250.9 Crores as against Rs.176.9 Crores during the same period previous year, registering a growth of 42% over the same period previous year. MRHFL registered income at Rs.92.0 crores as against Rs.59.6 crores, a growth of 54% over the same period previous year. The Profit After Tax (PAT) was Rs.9.1 Crores as against Rs. 6.2 Crores, registering a growth of 47% over the same period previous year.

During the quarter ended 30th September 2013, MRHFL disbursed Rs.137.8 Crores as against Rs.106.2 Crores during the same period previous year, registering a growth of 30% over the same period previous year. MRHFL registered income at Rs.49.8 crores as against Rs.32.1 crores, a growth of 55% over the same period previous year. The Profit After Tax (PAT) was Rs.6.6 Crores as against Rs. 3.7 Crores, registering a growth of 78% over the same period previous year.

About Mahindra & Mahindra Financial Services Limited

Mahindra & Mahindra Financial Services Limited (Mahindra Finance), part of the US $16.2 billion Mahindra Group, is one of India's leading non-banking finance companies with a pan India presence. Focused on the rural and semi-urban sector, it provides finance for vehicles and tractors and has the largest network of branches amongst NBFC's operating in these areas.

Mahindra Insurance Brokers Limited (MIBL) a subsidiary of Mahindra Finance is a licensed Composite Broker providing
Direct and Reinsurance broking services.

Mahindra Rural Housing Finance Limited (MRHFL) a subsidiary of Mahindra Finance provides loans for purchase, renovation, construction of houses to individuals in the rural areas of the country.

Visit www.mahindrafinance.com/financial-results.aspx for the latest Financial Reports.

About Mahindra

The Mahindra Group focuses on enabling people to rise through solutions that power mobility, drive rural prosperity, enhance urban lifestyles and increase business efficiency.

A USD 16.2 billion multinational group based in Mumbai, India, Mahindra employs more than 155,000 people in over 100 countries. Mahindra operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, information technology and vacation ownership. In addition, Mahindra enjoys a strong presence in the agribusiness, aerospace, components, consulting services, defence, energy, financial services, industrial equipment, logistics, real estate, retail, steel, commercial vehicles and two wheeler industries.

In 2012, Mahindra featured on the Forbes Global 2000 list, a listing of the biggest and most powerful listed companies in the world. In 2013, the Mahindra Group received the Financial Times 'Boldness in Business' Award in the 'Emerging Markets' category.

Visit us at www.mahindra.com

Our Social Media Channels - Twitter, Facebook, Pinterest


CONTACT DETAILS
Roma Balwani, Chief Group Communications Officer, Mahindra & Mahindra Ltd., +91 (22) 24901441, balwani.roma@mahindra.com

KEYWORDS
ECONOMY, PEOPLE, BANKING, BUSINESS SERVICES, Financial Analyst, GROUPS, STOCK EXCHANGES

If you wish to change your Business Wire India selection please click on this link http://www.businesswireindia.com/media/news.asp and use your personal username and password to login.

Submit your press release at http://www.businesswireindia.com