M&M Finance Surges 5% Over Upbeat Q3 Results. Brokerages Up Target Price. Should You Buy The Stock?

Mahindra & Mahindra Financial Services reported a 12% decline in net profit to Rs 553 crore for the October-December quarter of FY24, compared to Rs 629 crore last year. The company's net interest margin (NIM) dropped to 6.7% from 7.6%. However, net interest income (NII) saw a notable 21% year-on-year increase to Rs 1,815 crore from Rs 1,650 crore. Disbursements rose by 7% to Rs 15,436 crore, with auto and utility vehicles disbursements surging by 37% to Rs 6,007 crore, car disbursements by 19% to Rs 2,974 crore, and pre-owned vehicles by 16% to Rs 2,425 crore.