M&M Financial Services - Outlook Positive; Asset Stress Resolution Key For Re-Rating: Nirmal Bang
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Nirmal Bang Report
We hosted the management of Mahindra and Mahindra Financial Services Ltd.
The key highlights from the call are-
new business verticals (digital, leasing and small and medium enterprise financing) are likely to contribute 10-15% to overall assets under management over the next two to three years
maintained guidance of 10% reversal in gross stage II plus gross stage III by FY22-end, resulting in provision reversals
expects low single digit AUM growth in FY22 and low-to-mid double digit AUM growth in FY23.
Collection efficiency in July and August was at 95% and 97%, respectively with disbursements of over Rs 20 billion in both the months.
Collections in September have been trending well and M&M Financial Services has gained market share in the tractors segment.
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