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Mahindra Finance Announces Audited Financial Results for the Quarter and Year Ended 31st March 2014


April 25, 2014 - Mumbai, Maharashtra, India

F-2014 AUM up by 22% Crosses Rs.34000 crores
F-2014 Consolidated Revenue up by 29% Crosses Rs.5000 crores
F-2014 Consolidated PBT up by 14% at Rs.1462 crores
Board Recommends 190% Dividend
Customer Base Crossed 3 Million

The Board of Directors of Mahindra & Mahindra Financial Services Limited (Mahindra Finance), a leading provider of financial services in the rural and semi-urban markets, announced today, the audited financial results for the quarter and year ended 31st March 2014.
 
F-2014 Consolidated Results
 
The Total Revenue increased by 29% to Rs.5301 crores from Rs.4113 crores in the corresponding period last year. The Profit Before Tax (PBT) after considering the exceptional item on account of additional provision on standard assets of Rs.36 crores in previous year grew by 14% to Rs.1462 crores during the year ended 31st March, 2014 as compared to Rs.1286 crores during the corresponding period last year. The Company has continued making higher provision on standard assets at the above rate during the year as prescribed by Reserve Bank of India. The Profit After Tax (PAT) during the year ended 31st March, 2014 was Rs.954 crores.
 
F-2014 Q4 Consolidated Results
 
The Total Revenue increased by 24% to Rs.1476 crores from Rs.1189 crores in the corresponding quarter last year. The Profit Before Tax (PBT) after considering the exceptional item on account of additional provision on standard assets of Rs.36 crores in corresponding quarter last year grew by 22% to Rs.512 crores during the quarter ended 31st March, 2014 as compared to Rs.419 crores during the corresponding quarter last year. The Company has continued making higher provision on standard assets at the above rate during the year as prescribed by Reserve Bank of India. The Profit After
 
Tax (PAT) for the quarter ended 31st March, 2014 was at Rs.337 crores.
 
F-2014 Standalone Results
 
The Total Revenue increased by 27% to Rs.4953 crores from Rs.3895 crores in the corresponding period last year. The Profit Before Tax (PBT) after considering the exceptional item on account of additional provision on standard assets of Rs.36 crores in previous year grew by 11% to Rs.1346 crores during the year ended 31st March, 2014 as compared to Rs.1215 crores during the corresponding period last year. The Company has continued making higher provision on standard assets at the above rate during the year as prescribed by Reserve Bank of India. The Profit After Tax (PAT) during the year ended 31st March, 2014 was Rs.887 crores.
 
F-2014 Q4 Standalone Results
 
The Total Revenue increased by 22% to Rs.1371 crores from Rs.1126 crores in the corresponding quarter last year. The Profit Before Tax (PBT) after considering the exceptional item on account of additional provision on standard assets of Rs.36 crores in corresponding quarter last year grew by 18% to Rs.469 crores during the quarter ended 31st March, 2014 as compared to Rs.399 crores during the corresponding quarter last year. The Company has continued making higher provision on standard assets at the above rate during the year as prescribed by Reserve Bank of India. The Profit After
 
Tax (PAT) for the quarter ended 31st March, 2014 was at Rs.311 crores.
 
Dividend
 
The Board in its meeting held today recommended a dividend of 190% as against 180% (including a special dividend of 10%) paid during the last year.
 
Operations
 
Mahindra Finance, during the year ended 31st March, 2014, had a disbursement of Rs.25400 crores, maintaining its leadership position for vehicles and tractors in the rural and semi urban markets.
 
The Company maintained healthy growth of business and profits despite slowdown in auto and tractor industry and continuing high cost of borrowings through control of transaction cost and high collection efficiency levels.
 
The Company has taken special efforts to ensure controlling of NPA accounts. The new branches opened by the Company at the village levels are aimed at improving collections and providing services closer to customers’ doorsteps.
 
Mahindra Finance currently has a network of 893 offices and Total Assets Under Management of Rs.34133 crores as on 31st March, 2014 as against Rs.27913 crores as on 31st March, 2013, a growth of 22%.
 
During the year, the Company’s customer base has crossed the 3 million mark in the month of January 2014.

The Company continued to broad base its consortium of lenders by bringing in new Banks, Mutual Funds, Insurance Companies and Trusts.

SUBSIDIARIES
 
Mahindra Insurance Brokers Limited (MIBL)
 
During the year ended 31st March 2014, MIBL registered Revenue at Rs.111.2 Crores as against Rs.86.3 Crores, registering a growth of 29% over the same period previous year. The Profit After Tax (PAT) was Rs.42.0 Crores as against Rs.34.5 Crores, registering a growth of 22% over the same period previous year.
 
During the quarter ended 31st March 2014, MIBL registered Revenue at Rs.32.5 Crores as against Rs.25.7 Crores, registering a growth of 26% over the same period previous year. The Profit After Tax (PAT) was Rs.13.0 Crores as against Rs.10.8 Crores, registering a growth of 20% over the same period previous year.

Mahindra Rural Housing Finance Limited (MRHFL)
 
During the year ended 31st March 2014, MRHFL disbursed Rs. 630.6 Crores as against Rs.432.9 Crores during the previous year, registering a growth of 46 % over the previous year. MRHFL registered Revenue at Rs.212.5 crores as against Rs.140.4 crores, registering a growth of 51% over the previous year. The Profit After Tax (PAT) was Rs. 27.1 Crores as against Rs. 20.3 Crores, registering a growth of 33% over the same period previous year.
 
During the quarter ended 31st March 2014, MRHFL disbursed Rs. 238.9 Crores as against Rs. 151.6 Crores during the same period previous year, registering a growth of 58% over the same period previous year. MRHFL registered Revenue at Rs.65.9 crores as against Rs.43.4 crores, a growth of 52% over the same period previous year. The Profit After Tax

(PAT) was Rs. 12.5 Crores as against Rs. 8.7 Crores, registering a growth of 44 % over the same period previous year.

About Mahindra & Mahindra Financial Services Limited
 
Mahindra & Mahindra Financial Services Limited (MMFSL), part of the USD 16.7 billion Mahindra Group, is one of India’s leading non-banking finance companies. Focused on the rural and semi-urban sector, the company has over 3 million customers and has an AUM of over USD 5 billion. The Company is a leading vehicle and tractor financier and also offers fixed deposits and loans to SMEs. The Company has over 900 offices across the country and is the first finance company from India to form a part of Dow Jones Sustainability Index.
 
The Company's Insurance Broking subsidiary, Mahindra Insurance Brokers Limited (MIBL), is a licensed Composite Broker providing Direct and Reinsurance broking services.
 
Mahindra Rural Housing Finance Limited (MRHFL), another subsidiary of MMFSL provides loans for purchase, renovation, construction of houses to individuals in the rural areas of the country. The regulator, National Housing Bank
(NHB) has 12.5% equity stake in the Company.
 
The Company has a JV in US, Mahindra Finance USA, in partnership with De Lage Landen, a subsidiary of Rabo Bank, for financing Mahindra tractors in US.
 
Visit us at www.mahindra.com   

http://www.mahindrafinance.com

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Source: Business Wire India

BusinessWireIndia

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