NEW DELHI : Mahindra & Mahindra Financial Services (Mahindra Finance) on Monday reported a consolidated net loss of ₹1,573 crore for June quarter, 2021-22 mainly on account of higher provision for expected credit loss. Total income declined 16% to ₹2,567 crore in the quarter from ₹3,069 crore in the year-ago period, Mahindra Finance said in a release. Losses were on account of ECL (expected credit loss) provision of ₹2,124 crore in the quarter under review, it said. Mahindra Finance said the second wave of COVID has had a severe impact on its semi-urban and rural market where it has major operations. Mahindra Finance stock settled at ₹146.15 on BSE, down 5.25% from previous close.

Source: Mint July 26, 2021 13:52 UTC