Mahindra Finance disbursed INR 4,080 crore in September; Collection efficiency 98%, Auto News, ET Auto | Tech US News

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MUMBAI: Mahindra & Mahindra Financial Services announced that it disbursed around Rs 4,080 crore in September 2022, up 110 per cent year-on-year, mainly due to macro tailwinds. This translates to a year-on-year growth of 82% in Q2 FY23 and 106% for H1 FY23. Distribution in the first half is estimated at around Rs 21,300 crore.

Healthy distribution trends during the first half led to a strong gross asset book of INR 73,900 crore, growing ~3% month-on-month. This has resulted in growth of ~16% compared to September last year and ~14% compared to March 2022, the company said in a media release.

Collection efficiency (CE) was 98% in September 2022, compared to 96% in August 2022.

Asset quality further improved during the month and quarter. As of September 30, 2022, its cumulative Phase 3 is estimated to be approximately 7% (compared to 8% by June 30, 2022) and cumulative Phase 2 is estimated to be approximately 10% (compared to 11.7% by June 30, 2022). ).

The company continued to enjoy a comfortable liquidity position on its balance sheet, with liquidity chests exceeding 3 months.

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So far, with a shortage of cars due to supply constraints, and a preference for personal transportation, consumers have been willing to spend more money, largely protecting the profits of automakers and auto dealers. Those who have withdrawn the exemption.

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