ICICI Direct: M&M Financial Services - Improving Performance But Asset Quality Still Remains Hazy  

ICICI Direct: M&M Financial Services - Improving Performance But Asset Quality Still Remains Hazy

Mahindra & Mahindra Financial Services’s signage outside one of the company’s branches in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Direct Report

Mahindra & Mahindra Financial Services Ltd. reported a healthy set of Q2 FY21 numbers wherein steady asset under management led to a reasonable topline.

However, outlook on asset quality looks difficult with uncertainty on substantial proportion of AUM.

Advances growth was broadly flattish at approximately 0.9% YoY to Rs 64,389 crore, led by decline in growth for commercial (down approximately 70% YoY) and pre-owned vehicles (down approximately 61% YoY).

Disbursements declined 45% YoY, though sequential witnessed revival of 55% to Rs 5,400 crore.

Click on the attachment to read the full report:

ICICI Direct M&M Financial Services Q2FY21 Result Update.pdf
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