M&M Financial Services Q4 Review - Near Term Outlook Warrants Caution: ICICI Direct
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ICICI Direct Report
Mahindra & Mahindra Financial Services Ltd. reported a mixed set of Q4 FY21 numbers wherein topline growth improved on account of better margins but lower disbursements led to slower assets under management growth.
Net interest income increased 12.2% YoY, 9.2% QoQ to Rs 1511 crore on the back of improvement in net interest margins (calculated) that were up 63 basis points QoQ, 35 bps YoY to 7.4% owing to slightly better asset quality and liquidity management.
Employee cost increased 32% YoY to Rs 282 crore, mainly on account of lower base effect due to reversal of provisions on incentives YoY.
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