Mahindra Finance PAT up 45%

Mahindra & Mahindra Financial Services Ltd.’s total income increased by 45 per cent at Rs. 847 crores during the quarter ended March 31, 2012, as against Rs. 586 crores in the corresponding period last year. Profit after tax was at Rs. 228 crores during the quarter, registering a growth of 45 per cent as compared to Rs. 157 crores during the corresponding period last year and a growth of 47 per cent against the preceding quarter ended December 31, 2011.

Total income of MMFSL increased by 41 per cent at Rs. 2,795 crores during the year ended March 31, 2012, as against Rs. 1,978 crores in the corresponding period last year. Profit after tax was at Rs. 620 crores during the year, registering a growth of 34 per cent as compared to Rs. 463 crores during the corresponding period last year. The earnings per share (basic) increased from Rs. 47.85 during 2011 to Rs. 60.46 during 2012.

The Board has recommended a dividend of Rs. 14 per share as against Rs. 10 paid last year.

MMFSL over the last financial year registered a disbursement growth of 35 per cent, maintaining its leadership position for vehicles and tractors in the rural and semi-urban markets. The company has significantly improved its performance as a car and utility vehicle financier. It has also registered a marked growth in financing of heavy commercial vehicles and construction equipment.

During the year, the company’s customer base crossed the two-million mark in March. The last one million customers were added in less than three years compared to the 13 years it took to achieve the first million customers.

MMFSL currently has a network of 607 offices and total assets under management of Rs. 20,643 crores as on March 31, 2012.