28th January 2025
To,
BSE Limited, (Scrip Code: 532720)
Phiroze Jeejeebhoy Towers,
Dalal Street, Fort,
Mumbai - 400 001
National Stock Exchange of India Ltd., (Symbol: M&MFIN)
Exchange Plaza, 5th Floor, Plot No. C/1, "G" Block,
Bandra - Kurla Complex, Bandra (East),
Mumbai - 400 051
Dear Sir/Madam,
Sub: Press Release - Unaudited standalone and consolidated financial results of the Company for the third quarter and nine months ended 31st December 2024
Please find enclosed Press Release on the unaudited standalone and consolidated financial results of the Company for the third quarter and nine months ended 31st December 2024, which were subjected to limited review by the Joint Statutory Auditors of the Company.
The meeting of the Board of Directors of the Company held today i.e. on 28th January 2025 commenced at 2.05 p.m. (IST) and concluded at 5.29 p.m. (IST)
This intimation along with the Press Release is also being uploaded on the Company's website at:
https://www.mahindrafinance.com/investor-relations/regulatory-filings.
Kindly take the same on record.
Thanking you,
For Mahindra & Mahindra Financial Services Limited
Brijbala
Mohanla
l Batwal
Digitally signed by Brijbala Mohanlal Batwal Date: 2025.01.28 17:41:25 +05'30'
Brijbala Batwal
Company Secretary
FCS No.: 5220
Enclosure: As above
PRESS RELEASE
Financial Results - Quarter 3 FY25, Standalone & Consolidated Results
Mumbai, January 28, 2025: The Board of Directors of Mahindra & Mahindra Financial Services Limited (Mahindra Finance), a leading provider of financial services in Emerging India, at its meeting held today, announced the unaudited financial results for the quarter ended December 31, 2024 (Q3FY25).
Standalone:
Key Points:
- AUM (Business assets): ₹ 1,15,126 crores v/s ₹ 97,048 crores, YoY 19%
- Disbursement: ₹ 16,467 crores v/s ₹ 15,436 crores, YoY 7% ; YoY 4% for 9M FY25
- Total Income: ₹ 4,144 crores v/s ₹ 3,490 crores, YoY 19% ; YoY 20% for 9M FY25
- While Market Share in Tractors was stable there was stiff competition in Passenger Vehicle, CV and Used vehicle business
- Asset quality: GS2+GS3 @ 10.2%. Stage-3 @3.9%. Credit Cost: 0.0% v/s 1.2% (Q3FY24)
- Capital Adequacy healthy at 17.8%, Tier-1 Capital @ 15.1%. Provision coverage on Stage 3 loans prudent at 50.1%. Total liquidity buffer comfortable at ₹ 9,322 crores
FY 2025 Q3 Standalone Results: | ||||||||
Q3FY25 Results | Q3 | Q3 | YoY % | Q2 | QoQ % | 9M | 9M | YoY % |
(₹. Crores) | FY25 | FY24 | FY25 | FY25 | FY24 | |||
Total Income (TI) | 4,144 | 3,490 | 19% | 3,925 | 6% | 11,830 | 9,856 | 20% | ||||||||||||||||
Net Interest Income (NII) | 2,099 | 1,815 | 16% | 1,991 | 5% | 6,021 | 5,164 | 17% | ||||||||||||||||
NII Margin | 6.6% | 6.8% | 6.5% | 6.6% | 6.7% | |||||||||||||||||||
(as % of Avg. Total Assets) | ||||||||||||||||||||||||
Pre-Provisioning Operating | 1,222 | 1,062 | 15% | 1,196 | 2% | 3,552 | 3,005 | 18% | ||||||||||||||||
Profit (PPOP) | ||||||||||||||||||||||||
Credit Costs | 9 | 328 | (97%) | 703 | (99%) | 1,161 | 1,481 | (22%) | ||||||||||||||||
Credit Costs | 0.0% | 1.2% | 2.3% | 1.3% | 1.9% | |||||||||||||||||||
(as % of Avg. Total Assets) | ||||||||||||||||||||||||
Profit After Tax | 899 | 553 | 63% | 369 | 143% | 1,782 | 1,141 | 56% | ||||||||||||||||
ROA | 2.8% | 2.1% | 1.2% | 2.0% | 1.5% | |||||||||||||||||||
(as % of Avg. Total Assets) | ||||||||||||||||||||||||
Disbursements
Gross Loan Book (Closing)
16,467 | 15,436 | 7% | 13,162 | 25% | 42,370 | 40,916 | 4% | ||||||||||||
1,15,126 | 97,048 | 19% | 1,12,454 | 2% | 1,15,126 | 97,048 | 19% | ||||||||||||
Regd. Office: Gateway Building, Apollo Bunder, Mumbai 400 001 India | CIN : L65921MH1991PLC059642
Tel: +91 22 2289 5500 | Fax: +91 22 2287 5485 | www.mahindrafinance.com | Email: investorhelpline_mmfsl@mahindra.com
Operations: Q3 FY25
The company leveraged the buoyancy of the festive season demand in Q3 with disbursements of Rs. 16,467 crore reflecting a YoY growth of 7%. The disbursement for the first nine months stands at approximately Rs. 42,370 crore, which is 4% over the previous year. The gross assets under management increased by 19% compared to the previous year, reaching Rs. 1,15,126 crore.
The collection efficiency remained stable at 95%, consistent with the same quarter of the previous year. With a continued focus on maintaining underwriting standards and addressing early-stage delinquencies, asset quality remained steady. Stage 3 assets stood at 3.9%, versus 4.0% as of December 31, 2023, while Stage 2 assets were at 6.3%, compared to 6.0% on the same date. The company continued to maintain a comfortable liquidity position on its balance sheet, with a liquidity chest of over Rs. 9,322 crore.
CORE
Wheels Business:
During the third quarter of the year, the Company saw 5% YoY growth in disbursements for Wheels, while business assets grew by 18% YoY. Tractor financing segment disbursements grew by 24% YoY in Q3FY25. Mahindra Finance continues to be a leader in the tractor- financing segment, and remains the top five NBFCs for financing three-wheelers, passenger vehicles (PVs), Used passenger vehicles, light commercial vehicles (LCVs), and small commercial vehicles (SCVs).
During the quarter, the company stabilized the operating model changes brought about in the previous quarter across the Centralized processing center (CPC), and the new retail branch structure. These changes will drive improvements on efficiency, standardization, controls, customer service, and cross-sell in the future.
NEW ENGINES
The company continues to expand into new categories beyond vehicle financing through a focus on SME lending, leasing, insurance, payments, and mortgages. The company is driving these new engines by broadening its product offering, improving its technology stack, strategic partnerships, data analytics, and equipping its workforce to meet customer requirements. The non-vehicle finance portfolio grew by 27% over the past year.
SME:
The company recognizes the growth potential within the MSME sector in India, with specific focus on the micro and small enterprises segment. During the quarter, this segment delivered a Disbursement growth of 60% YoY (9MFY25 YoY growth: 60%), which drove asset book expansion by 20% on a YoY basis and was at ₹ 5,464 crore as of December 31, 2024. The growth is driven through its secured product offering, Loan against property (LAP) which now
Regd. Office: Gateway Building, Apollo Bunder, Mumbai 400 001 India | CIN : L65921MH1991PLC059642
Tel: +91 22 2289 5500 | Fax: +91 22 2287 5485 | www.mahindrafinance.com | Email: investorhelpline_mmfsl@mahindra.com
accounts for 42% of the overall SME assets. Asset quality remains strong, with stage-3 assets at 1.10% as of December end.
Leasing:
Leasing disbursement grew 51% YoY in Q3FY25 & 36% YoY in FY25 YTD. The company is working to increase customer engagement through dedicated Account Managers, customized portal & cross-sell. The business is also focusing on augmenting B2C subscription business with increased dealer & OEM tie-ups, and curated offerings for self-employed, professionals & salaried employees.
Insurance:
The company has increased its number of partners to nine leading insurance providers across life, non-life, and health categories with the objective of offering comprehensive insurance offering solutions to customers. The company continues to evaluate partnerships with Insurtech's to improve the customer onboarding experience. As part of its commitment to be a responsible financial services provider, the company is training its employees as per regulatory guidelines on insurance cover selling.
Mortgage:
The company is in investment mode, and is currently focused on recruitment, infrastructure build out, and technology setup towards building up its mortgage capabilities.
Partnerships, Payments, and Fixed Deposits (FD):
During the quarter, the company inked a co-branded credit card partnership with RBL bank and was granted a TPAP license that will allow it to offer payment solutions to its customers. Mahindra Finance is one of the few deposits taking NBFCs and the company's FDs are an attractive investment avenue, with an AAA rating from both CRISIL and India Ratings, reflecting the highest safety standards. The company has increased the contribution of FDs in its total borrowings from 8.6% on September 2024, to 9.2% on December 2024.
Mahindra Finance is advancing its digital transformation capabilities and integrating these technologies into its operations to enhance customer experiences, streamline loan processing, and reduce turnaround times. New and upgraded tech & digital solutions across loan journeys are being adopted which aims to deliver superior and seamless experience to customers, channel partners and employees.
Recognitions
Mahindra Finance received multiple recognitions during the quarter. The company was named among the best workplaces in the categories of 'Top Rated Large Company' and 'Top Rated Financial Services Company' at the AmbitionBox Employee Choice Awards 2024. It also won the 'Best Learning & Development Program of the Year - NBFC/HFC/MFI' for its Transformational Leadership Development Program at the ETBFSI Exceller Awards 2024. Additionally, it was awarded 'Best NBFC in Talent & Workforce' at the Business Today Banking and Economy Summit 2025.
Regd. Office: Gateway Building, Apollo Bunder, Mumbai 400 001 India | CIN : L65921MH1991PLC059642
Tel: +91 22 2289 5500 | Fax: +91 22 2287 5485 | www.mahindrafinance.com | Email: investorhelpline_mmfsl@mahindra.com
Consolidated:
FY 2025 Q3 Consolidated Results
Q3FY25 Results (₹ Crores) | Q3 FY25 | Q3 FY24 | YoY % |
Total Income (TI) | 4,799 | 4,137 | 16% |
Profit After Tax | 918 | 623 | 47% |
Disbursements | 17,168 | 16,094 | 7% |
Subsidiaries:
Key Points:
Mahindra Rural Housing Finance Limited (MRHFL)
Q3 FY25 Results (in crores) | Q3 FY25 | Q3 FY24 | YoY % | |||
Total Income | 297 | 311 | (5%) | |||
Profit Before Tax | (35) | 19 | - | |||
Profit After Tax | (27) | 13 | - | |||
Loans & Advances (net) | 7,026 | 6,693 | 5% | |||
Gross Stage 3 % | 9.4% | 11.6% | ||||
Mahindra Insurance Brokers Limited (MIBL) | ||||||
Q3 FY25 Results (in crores) | Q3 FY25 | Q3 FY24 | YoY % | |||
Total Income | 349 | 331 | 6% | |||
Profit Before Tax | 38 | 59 | (36%) | |||
Profit After Tax | 28 | 43 | (36%) | |||
Gross Premium | 1,361 | 1,144 | 19% | |||
9M FY25 | 9M FY24 | YoY% |
13,634 | 11,637 | 17% |
1,805 | 1,272 | 42% |
44,413 | 42,473 | 5% |
MMFSL holding 98.43%
9M FY25 | 9M FY24 | YoY% | |||
901 | 984 | (8%) | |||
(101) | 4 | - | |||
(76) | 2 | - | |||
7,026 | 6,693 | 5% | |||
9.4% | 11.6% | ||||
MMFSL holding 100% | |||||
9M FY25 | 9M FY24 | YoY% | |||
897 | 784 | 14% | |||
87 | 121 | (28%) | |||
62 | 89 | (31%) | |||
3371 | 3157 | 7% | |||
Mahindra Manulife Investment Management Private Limited (MMIMPL)
MMFSL holding 51%
Q3 FY25 Results (in crores) | Q3 FY25 | Q3 FY24 | YoY % |
Total Income | 22 | 17 | 33% |
Profit After Tax | (2) | (6) | (69%) |
Average Overall AUM | 29,050 | 15,321 | 90% |
Average Equity AUM | 26,508 | 13,554 | 96% |
Mahindra Manulife Trustee Private Limited (MMTPL) | |||
Q3 FY25 Results (in crores) | Q3 FY25 | Q3 FY24 | YoY % |
Total Income | 0.26 | 0.31 | (16%) |
Profit After Tax | 0.09 | 0.13 | (31%) |
9M FY25 9M FY24YoY%
65 | 45 | 46% |
(9) | (21) | (55%) |
26,606 | 12,732 | 109% |
24,145 | 11,157 | 116% |
MMFSL holding 51% | ||
9M FY25 | 9M FY24 | YoY% |
0.96 | 0.81 | 19% |
0.42 | 0.27 | 56% |
Regd. Office: Gateway Building, Apollo Bunder, Mumbai 400 001 India | CIN : L65921MH1991PLC059642
Tel: +91 22 2289 5500 | Fax: +91 22 2287 5485 | www.mahindrafinance.com | Email: investorhelpline_mmfsl@mahindra.com
Mahindra Ideal Finance Ltd (MIFL)
Q3 FY25 Results (in LKR Mn) | Q3 FY25 | Q3 FY24 | YoY % |
Total Income | 710 | 569 | 25% |
Profit Before Tax | 99 | 77 | 28% |
Profit After Tax | 32 | 24 | 35% |
Loans & Advances (net) | 12,877 | 7,225 | 78% |
MMFSL holding 58.2%
9M FY25 | 9M FY24 | YoY% |
1,966 | 1,719 | 14% |
256 | 246 | 4% |
77 | 79 | (3%) |
12,877 | 7,225 | 78% |
(LKR Exchange Rate 1 LKR = 0.2816 INR)
Joint Venture / Associate:
Mahindra Finance USA, LLC (MFUSA)
Q3 FY25 Results (in USD Mn) Q3 FY25 Q3 FY24YoY %
Total Income | 21.3 | 20.6 | 3.4% | |
Profit Before Tax | 5.5 | 5.1 | 7.8% | |
Profit After Tax | 4.1 | 3.9 | 5.1% | |
MMFSL holding 49%
9M FY25 | 9M FY24 | YoY% |
(64.3) | (60.6) | 6.1% |
(17.5) | (16.7) | 4.8% |
(13.1) | (12.6) | 4.0% |
(USD Exchange Rate 1 USD = INR 83.9121)
About Mahindra & Mahindra Financial Services Limited
Mahindra & Mahindra Financial Services Limited (Mahindra Finance), part of the Mahindra Group, is one of India's leading non-banking finance companies. Focused on the rural and semi-urban sector, the Company has over 10 million customers and has an AUM of over USD
13.7 Billion. The Company is a leading vehicle and tractor financier, provides loans to SMEs and also offers fixed deposits. The Company has 1,375 offices and reaches out to customers spread over 4,80,000 villages and 8,000 towns across the country, transforming more than 1 crore lives.
Mahindra Finance has been ranked 59th among India's Best Companies to Work 2023 by Great Place to Work Institute.
Mahindra Finance CSR Foundation is a wholly owned subsidiary company, under the provisions of section 8 of the Companies Act, 2013 for undertaking the CSR activities of the Company and its subsidiaries.
Mahindra Rural Housing Finance Limited (MRHFL) a subsidiary of Mahindra Finance provides loans for purchase, renovation, construction of houses to individuals in the rural and semi- urban areas of the country.
Regd. Office: Gateway Building, Apollo Bunder, Mumbai 400 001 India | CIN : L65921MH1991PLC059642
Tel: +91 22 2289 5500 | Fax: +91 22 2287 5485 | www.mahindrafinance.com | Email: investorhelpline_mmfsl@mahindra.com
Mahindra Insurance Brokers Limited (MIBL) a wholly owned subsidiary, is the Company's Insurance Broking subsidiary is a licensed Composite Broker providing Direct and Reinsurance broking services.
Mahindra Manulife Investment Management Private Limited acts as the Investment Manager of Mahindra Manulife Mutual Fund.
Mahindra Manulife Trustee Private Limited (MMTPL), acts as a Trustee to Mahindra Manulife Mutual Fund.
Mahindra Ideal Finance Limited (MIFL) is a subsidiary of the Company in Sri Lanka, in which the Company owns 58.2% stake. MIFL focuses on providing a diversified suite of financial services to the Sri Lankan market.
The Company has a Joint Venture in the US, Mahindra Finance USA LLC, in partnership with De Lage Landen, a subsidiary of Rabo Bank, for financing Mahindra vehicles in the US.
Learn more about Mahindra Finance on www.mahindrafinance.com / Twitter and Facebook: @MahindraFin
About Mahindra
Founded in 1945, the Mahindra Group is one of the largest and most admired multinational federation of companies with 260,000 employees in over 100 countries. It enjoys a leadership position in farm equipment, utility vehicles, information technology and financial services in India and is the world's largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality and real estate.
The Mahindra Group has a clear focus on leading ESG globally, enabling rural prosperity and enhancing urban living, with a goal to drive positive change in the lives of communities and stakeholders to enable them to Rise.
Learn more about Mahindra on www.mahindra.com / Twitter and Facebook: @MahindraRise/ For updates subscribe to https://www.mahindra.com/news-room
Media Contact:
Mohan Nair
Head - Communications
Mahindra & Mahindra Financial Services Limited
E-mail: nair.mohan@mahindra.com
Mobile #: +91 9004012237
Regd. Office: Gateway Building, Apollo Bunder, Mumbai 400 001 India | CIN : L65921MH1991PLC059642
Tel: +91 22 2289 5500 | Fax: +91 22 2287 5485 | www.mahindrafinance.com | Email: investorhelpline_mmfsl@mahindra.com