Mahindra & Mahindra Financial Services (Mahindra Finance) made a total disbursement of about ₹4,185 crore, delivering 53 per cent year-on-year (y-o-y) growth over February 2022, as per the non-banking finance company’s monthly update.
Consequently, the loan book grew further by 1.5 per cent over January 2023, the company said in a regulatory filing. The collection efficiency (CE) was at 97 per cent for February 2023 compared to 98 per cent achieved in February 2022, according to Mahindra Finance.
“The Gross Stage 3 (GS-3) as at February end is maintained at similar levels compared to January 2023. Gross Stage 2 (GS-2) has seen further improvement sequentially,” the filing said.
Based on the Income Recognition, Asset Classification and Provisioning norms, the gap between Gross Non-Performing Assets and IND-AS remained range-bound at approximately ₹1,250 crore, an improvement over January 2023 it added.
The company said it continued to hold an adequate liquidity buffer which covers about three months’ funds requirement.
Meanwhile, the company launched a specialised end-to-end digital journey ‘Used Car Digi Loans’, whereby customers will be able to get customised loan offers, enabling them to take faster buying decisions.
This offering has been launched in association with Car&Bike (by Mahindra First Choice Wheels) & Rupyy (by Cardekho), the leading brands in the used car industry, as per a company statement.
Mahindra Finance, which is focused on the rural and semi-urban sector, is a vehicle and tractor financier, provides loans to SMEs and also offers fixed deposits.
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