Motilal Oswal: M&M Financial’s Lower Provisioning Leads To Big PAT Beat; Book Largely Flat
A customer holds Indian rupee notes at a store in Mumbai, India. (Photographer Dhiraj Singh/Bloomberg)

Motilal Oswal: M&M Financial’s Lower Provisioning Leads To Big PAT Beat; Book Largely Flat

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

Motilal Oswal Report

Mahindra & Mahindra Financial Services Ltd.’s Q2 FY21 profit after tax was up 21% YoY to Rs 3 billion (a 64% beat and versus Rs 1.5 billion QoQ).

While pre-provision operating profit was largely in line with estimate, lower provisions of Rs 6.2 billion (versus estimate Rs 8 billion) led to the PAT beat.

PPoP grew 26% YoY to Rs 10.3 billion as opex declined 24% YoY to Rs 3.9 billion. Decline in opex was largely driven by 46% YoY decline in other expenses.

Click on the attachment to read the full report:

Motilal Oswal M&M Financial Services Q2FY21 Result Update.pdf

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