M&M Financial shares surge 8% after improvement on assets front in Q3

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February 6, 2023
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Motilal Oswal Financial Services sees a near 20% upside potential in the stock.

Bank of Maharashtra | CMP: Rs 18.95 | The scrip jumped over 5 percent after the bank reported a two-fold jump in its net profit to Rs 535 crore in the September 2022 quarter, helped by a decline in bad loans. The lender had reported a standalone profit after tax of Rs 264 crore in the same quarter of the previous fiscal. Total income increased to Rs 4,317 crore during the quarter under review against Rs 4,039 crore in the year-ago period, BoM said in a regulatory filing.

Shares of Mahindra & Mahindra Financial Services shot up sharply on February 6 after the company reported strong growth in assets under management and an improvement in asset quality during the third quarter.

At 11.03am, the shares of Mahindra & Mahindra Financial Services traded 7.96 percent higher at Rs 263 on the National Stock Exchange.

The non-banking finance lender’s disbursements surged 80 percent on-year, while AUM posted a 21 percent on-year rise in the October-December period. The spike in disbursements also supported the 12 percent increase in consolidated total income at Rs 3,353 crore for the quarter ended December.

The company’s consolidated net profit still went down 33 percent on-year to Rs 661.43 crore in the reporting quarter. The fall in net profit was due to a decline in credit cost, higher operational expenditures and lower net interest margins.

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