Mahindra Finance H1 turnover up by 41 pc

Mumbai, Oct 25: Mahindra&Mahindra Financial Services Ltd (MMFSL), which is a part of the USD 3.04 billion Mahindra group and a leading player in financial services in the rural and semi-urban market, has posted a strong performance for the quarter ended September 30.

Top line for the quarter soared by 37 per cent to Rs 196.52 crore compared to the corresponding period last year, which stood at Rs 142.94 crore. Net profit for Q2 is higher by 8 per cent to Rs 30.33 crore from Rs 27.97 crore in the quarter.

Turnover for the first half of the current fiscal stood at Rs 361.52 crore, up by 41 per cent compared Rs 257.01 crore, recorded in the same period of last fiscal. During the same period, net profit increased by 10 per cent to Rs 49.56 crore as against Rs 44.97 crore, posted during the first half.

Ramesh Iyer, Managing Director, MMFSL said, ''The automobile and tractor market has seen buoyancy in the first half. Also, our tie up with Maruti Udyog Ltd, has shown encouraging results with MMFSL having reached a figure of financing 3,000 Maruti cars a month''. Our commitment to service the customer at his doorstep saw us increase our branch strength to 380 branches (as on Sept 30)- an addition of 75 nos in H1 of the current fiscal, he added.

V Ravi, Chief Financial Officer, MMFSL said, ''The company has made significant investments for creating the required infrastructure to meet the growing rural demand''. Even though some of the set up investments have been incurred during the first half of the year, the complete benefits of the same would be realised in the coming periods, he added.

UNI