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Prabhudas Lilladher Report
Mahindra and Mahindra Financial Services Ltd.’s Q3 FY21 earnings stood disappointed characterized by -
increase of 70/127 basis points YoY/QoQ in non-performing asset to 10%
6% of morat availed customer contracts exhibiting nil collections, 3% of which with zero payments until September 2020
higher utilization of stage two provisions; credit costs at 8.8%
continued higher write-offs (Rs 3 billion in Q3)
slower disbursements in flagship tractor business.
Resultantly, bottom-line took a beating reporting net loss (Rs 2.74 billion) as against profit expectations (Rs 2.63 billion).
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