Mahindra and Mahindra Finance Service Limited reported an 11% year-on-year (YoY) growth in disbursements for September 2023, estimating the total at approximately ₹4,500 crores. The company's Q2FY2024 disbursements were also notable, totaling around ₹13,300 crores and marking a growth of 12.6% YoY.
For H1FY2024, the disbursement figure stood at approximately ₹25,500 crores (INR100 crore = approx. USD12 million), a significant increase of 20% on a YoY basis. These healthy disbursement trends during Q2FY2024, coupled with pre-festival dealer advance, have led to Business Assets at approximately ₹93,600 crores. This represents a growth of around 13% over March 2023 and about 8% over June 2023.
The company also observed a marginal improvement in its collection efficiency (CE) for September 2023, which was at 97%, up from the 96% achieved in August 2023. However, this figure is slightly lower than the CE of 98% recorded in September 2022.
In terms of credit quality, Stage-3 is estimated at 4.4%, slightly higher than the 4.3% seen in June 2023. On the other hand, Stage-2 is estimated at 5.8%, showing a decrease from the previous estimate of 6.4% as at June 2023.
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