Shares of M&M Financial Services surge after posting excellent operational performance during September
During the month, the company’s disbursements grew 110% YoY to Rs 4080 crore on the back of macro tailwinds.
The shares of Mahindra & Mahindra Financial Services are buzzing on the bourses today. As of 1.04 pm, the shares of the company are trading at Rs 199.70 apiece, higher by 11.22% over the previous close. With this, the shares of Mahindra & Mahindra Financial Services are the top gainers on BSE from Group A.
Meanwhile, the frontline index S&P BSE Sensex is up by 2.09%.
On 03 October, the company reported updates for September 2022.
During the month, the company’s disbursements grew 110% YoY to Rs 4080 crore on the back of macro tailwinds. This performance translates to YoY growth of 82% in Q2FY23 and 106% for H1FY23. The first half is estimated to clock a disbursement of approximately Rs 21,300 crore.
The healthy disbursement trends have led to a strong gross asset book of approximately Rs 73,900 crore. Further, the collection efficiency stood at 98% as against 96% for August 2022. Further, the company continues to have a comfortable liquidity position on its balance sheet, with a liquidity chest of over 3 months.
Owing to this performance, the shares of Mahindra & Mahindra Financial Services are witnessing heavy demand from buyers. Today, the scrip opened at Rs 186 and has only surged upwards. The stock touched an intra-day high of Rs 201.85. So far 9,85,671 shares have been traded on the bourses.
Mahindra & Mahindra Financial Services is one of India’s leading non-banking finance companies focused on the rural and semi-urban sectors. It is engaged in the business of financing the purchase of new and pre-owned auto and utility vehicles, tractors, cars, commercial vehicles, construction equipment and SME Financing. The company is headquartered in Mumbai and has 1,384 offices covering 27 states and 7 union territories in India. It is a subsidiary of Mahindra and Mahindra Limited.
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