Mahindra Finance logs disbursements worth Rs 2,973 cr in May '22

Mahindra Finance, the Mahindra Group's financial services subsidiary, continued to maintain its momentum in the financial market with disbursements of approximately Rs. 2,973 crores in the month of May, contributing to a 272% Y-o-Y growth.

The YTD disbursements of the financial company reportedly stood at approximately Rs. 5,686 crores, which resulted in a Y-o-Y growth of 169% according to the statement released by the company.

The collection efficiency of the financial company also witnessed further improvement, currently standing at 95% for the month of May 2022, in comparison to that of last year which was greatly affected by Covid-related lockdowns when the CE stood at 67% (May 2021).

According to a statement released by Mahindra Finance, the business forecasts lesser volatility on its Stage 3 assets during the first quarter of FY 2023 due to the improving momentum in collections shown thus far.

The finance subsidiary also announced in its statement to the NSE and BSE that it continues to hold an adequate liquidity buffer of roughly Rs. 8,775 crores, which covers almost 3 months' worth of financial requirements of the company.