Mahindra & Mahindra Financial Services Ltd (MMFSL) on Friday reported a 29.6 percent year-on-year (YoY) decline in net profit at Rs 629 crore for the third quarter ended December 31, 2022.

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In the corresponding quarter last year, the company posted a net profit of Rs 894 crore. CNBC-TV18 Polls had predicted a profit of Rs 360 for the quarter under review.

The total income of the company increased by 12 percent to Rs 3,353 crore during the quarter ended December 31, 2022, as against Rs 2,986 crore during the corresponding quarter last year. The Net Interest Income (NII) of the company stood at Rs 1,650 crore, up 7 percent YoY.

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The year to date (YTD) disbursement of Rs 35,764 crore registered a YoY growth of 95 percent. This led to an asset book of Rs 77,344 crore, a growth of 21 percent YoY and 5 percent sequentially. During Q3, the company was able to pass on the increase in borrowing costs, which improved yields.

The loan book increased by 21 percent to Rs 77,344 crore compared to Q3FY22. Disbursement for the quarter at Rs. 14,467 crore was up 80 percent on YoY basis. The company's Capital Adequacy stood at a healthy 23.4 percent.

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(Edited by : Pradeep John)

First Published:Feb 3, 2023 8:53 PM IST