M&M Fin Services fourth quarter net up above Rs 57 cr

M&M Financial Services, or MMFS has posted a fourth quarter net profit of over Rs 57 crore. Its income from operations stands at Rs 266 crore. The company is also cashing in on its parents' recent acquisition of Punjab Tractors and the new joint venture with Renault.

According to Ramesh Iyer, Managing Director, MMFS, “PTL sells about 30,000-40,000 tractors a year. Even if we do about 20-25% market share of that, we should do about 10,000 tractors an annum. Likewise for Logan, I have been hearing they are going to manufacture and sell 50,000 vehicles, so if I put a 20,000 share to that, I should do about 10,000 cars there. These two are a new product line that we are getting in the year to come and this could be the current year itself.”

He thinks this could translate into disbursements of about Rs 250-300 crore from tractors and adds, ”Let us say 10,000 tractors could mean disbursements of about Rs 250-300 crore."