Mahindra & Mahindra Financial Serv net profit up 35.8%

Mahindra & Mahindra Financial Services today reported 35.8 per cent jump in consolidated net profit at Rs 216.8 crore for the October-December quarter of the current fiscal, helped by strong revenue growth.

The non-banking finance company had a consolidated net profit of Rs 159.6 crore in the corresponding quarter of the previous fiscal.

"The company maintained healthy growth of business and profits despite slowdown in auto and tractor industry growth and continuing high cost of borrowings," it said in a filing to the Bombay Stock Exchange.

Total consolidated income of the company rose by 38.4 per cent to Rs 1,057.32 crore in the third quarter of 2012-13, from Rs 763.93 crore in the year-ago period.

During the nine-month period ended December 31, 2012, the company registered a disbursement growth of 21 per cent against the corresponding period last year, thereby maintaining its leadership position for vehicles and tractors in the rural and semi-urban markets.

Shares of Mahindra & Mahindra Financial Services closed at Rs 1,119.95, down 1.4 per cent from their previous day's close on the BSE.

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