Mahindra and Mahindra Financial reported 66% fall in net profits at Rs.239 crore for the Mar-20 quarter, largely on the back of higher provisions. In order to cover contingencies that may arise due to Covid-19 pandemic, it M&M Financial made an impairment loss provision of Rs.681 crore. Total revenues were up by 8% at Rs.3140 crore. Full year profits for fiscal 2019-20 fell by 42% to Rs.1086 crore. M&M Financials continues to be a preferred financer for automobiles and tractors. While it had gained market share in many product lines, it got hit by the dwindling sales of cars and tractors.
Mahindra and Mahindra Financial reported 66% fall in net profits at Rs.239 crore for the Mar-20 quarter, largely on the back of higher provisions. In order to cover contingencies that may arise due to Covid-19 pandemic, it M&M Financial made an impairment loss provision of Rs.681 crore. Total revenues were up by 8% at Rs.3140 crore. Full year profits for fiscal 2019-20 fell by 42% to Rs.1086 crore. M&M Financials continues to be a preferred financer for automobiles and tractors. While it had gained market share in many product lines, it got hit by the dwindling sales of cars and tractors.