M&M Financial Q1 Review - One Third In Stress Pool Is Baffling: ICICI Securities
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ICICI Securities Report
We penned down loss for Mahindra and Mahindra Financial Services Ltd. in our earnings preview expecting sequential stress build-up.
However, a whopping loss of Rs 15.3 billion with sharp spike in the stress pool was outside the realms of expectation.
Multifold rise in stress pool for M&M Financial (versus peers) was sheer disappointment: stage-III at 15.5% (versus 9% q-o-q), stage-II at 19.4% (12.5%) and restructuring at 3.5%.
With revival in economic activity and normalcy setting in, hopes prevail on rollbacks, upgrades and provisioning write-backs.
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