Mahindra & Mahindra Financial Q3 net drops 18% to Rs 164cr

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Moneycontrol Bureau

Mahindra and Mahindra Financial Services reported poor set of earnings in the quarter ended December 2013. Standalone profit after tax of the non-banking finance company fell 18 percent year-on-year to Rs 164 crore dented by higher provisions indicating stress on asset quality.

However, net interest income grew 21 percent, lower-than-expected, to Rs 677 crore from Rs 561 crore during the same period.

According to CNBC-TV18 poll, analysts had expected net profit of Rs 240 crore and net interest income of Rs 712 crore for the quarter.

Loan provisions and write-offs increased 121 percent on yearly basis (43 percent sequentially) to Rs 180 crore during October-December quarter.

Consolidated profit after tax declined 16 percent to Rs 182.4 crore while net interest income jumped 22 percent to Rs 745 crore in the quarter gone by.