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