M&M Financial Services - Visibility Enhances On Growth, Non-Performing Asset Reduction: ICICI Securities
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ICICI Securities Report
Mahindra and Mahindra Financial Services Ltd., in its August business update, indicated:
57% YoY disbursement growth to Rs 21.5 billion (moderating a tad from Rs 24 billion in July). July/August trend suggests Q2 FY22 disbursement growth of more than 65% YoY/70% QoQ, albeit on a low base.
M&M Financial's collection efficiency is improving month-on-month to 97%. It is still near February 2021 level and lower than March 2021 level.
compared to stable-to-marginal decline trend in July, there was meaningful reduction in non-performing asset contracts in August and is expected to continue in September as well.
With revival in economic activity, there was hope on roll-backs, upgrades and provisioning write-backs.
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