M&M Financial Services - Unwavering Focus On Collections; Growth To Lag, Says ICICI Securities
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ICICI Securities Report
Based on our interactions with industry and market participants, we could gauge the following trends for Mahindra and Mahindra Financial Services Ltd. -
1. Unwavering focus on collections with targeted weekly and monthly milestones and regular reviews;
2. improved collection efficiency across geographies (Q4 historically being a strong collection quarter);
3. no more refraining from repossession (in real stress cases);
4. actively pursuing upgrades from stage 1/2/3 bucket rather than forward flows (downgrades) to the next bucket.
These suggest cumulative stage two + stage three assets, that went unusually high to 24%, should retrace directionally towards normalisation.
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