M&M Financial Services down even though November disbursements pick up

Mahindra & Mahindra Financial Services says its overall disbursement in November was approximately Rs 5,300 crore, 16 percent higher than the year-ago period

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Shares of M&M Financial were trading over a percent lower in the morning trade on the NSE on December 5, a day after the non-banking finance company (NBFC) said its disbursement had grown 16 percent year-on-year to Rs 5,300 crore in November.

At 10.05, the stock was trading at Rs 275 on the National Stock Exchange, down 1.1 percent from the previous close.

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In a monthly business update, Mahindra & Mahindra Financial Services told exchanges it estimated that its overall disbursement in November was approximately Rs 5,300 crore, 16 percent higher than the year-ago period.

The disbursements for April-November 2023 were at about Rs 36,000 crore. The collection efficiency in November was at 94 percent against 96 percent in the same month of the previous year.

In the September quarter, the NBFC reported a 47.6 percent year-on-year decline in net profit at Rs 235 crore. Total income grew 24 percent to Rs 3,240 crore on the back of growth in asset book. Net interest income came in at Rs 1,674 crore, up 9 percent on-year.

Also read: M&M Financial Services Q2 net profit falls 48% to Rs 235 crore

What the brokerages say

Brokerage firm Citi has a “buy” call on the stock with a target price of Rs 350. Analysts at Citi highlighted that the collection efficiency was lower than November 2022 levels due to festive season spilling over to November.

Morgan Stanley analysts said if disbursement growth does not pick up going ahead, there could be some risks to the AUM forecast. Morgan Stanley has an “equal-weight” call with a target of Rs 285.

Jefferies has a “hold” call on the stock with a target price of Rs 295. According to the brokerage, the visibility on trajectory for a higher RoA needed to drive rerating currently seems limited.

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