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In April, Mahindra & Mahindra Financial Services reported an overall disbursement of approximately ₹3,930 crore, representing a growth of 4% compared to the previous year. Disbursements during the quarter rose by 11% to ₹15,292 crore. Despite facing challenges such as the fraud incident, the company managed to maintain a steady disbursement growth, showcasing resilience in its operations.
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Mahindra & Mahindra Financial Services Ltd. reported a net profit of ₹619 crore for the March quarter, showing a decline of 9.5% YoY from ₹684 crore. However, the net interest income for the quarter increased by 21% YoY to ₹3,706.10 crore.
Despite the decline in profit, the company showcased strong loan growth, with total assets increasing by 24% YoY to ₹1.02 lakh crore.
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The company recommended a dividend of ₹6.30 per equity share for FY2024, totalling 315%. This recommendation is subject to approval at the company’s forthcoming 34th Annual General Meeting.
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The company faced a setback due to fraud amounting to ₹135.86 crore, impacting profits for the quarter and year ended March 31, 2024. The fraud, involving forgery of KYC documents in retail vehicle loans, was detected during the January-March quarter. Consequently, the company identified 2,887 potentially fraudulent loan accounts.
Sources:
https://www.cnbctv18.com/market/mahindra-and-mahindra-financial-services-q4-results-net-profit-income-dividend-fraud-north-east-branch-19406762.html
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