Mahindra Finance’s sharp growth in profit was led by improvement in rural cash flows and a consequent drop in loan provisions and write-offs. Photo: BloombergMumbai: Mahindra and Mahindra Financial Services Ltd (Mahindra Finance) on Wednesday posted a consolidated net profit of Rs365 crore during the third quarter of fiscal 2018 as against a net profit of Rs12 crore during the corresponding period last year. The sharp growth in profit was led by improvement in rural cash flows and a consequent drop in loan provisions and write-offs. The non-banking financial company’s (NBFC) loan provisions and write-offs fell to Rs223 crore during the quarter from Rs442 crore a year ago. Both farm and infrastructure-linked cash flows have improved for us in the rural areas.

Source: Mint January 24, 2018 20:15 UTC