Mahindra & Mahindra Financial Services (M&M Finance) recorded a nearly 10% year-on-year decline in its net profit for the fourth quarter of FY24, amounting to Rs 619 crore. This decrease was primarily attributed to increased expenses and a one-time provision of Rs 136 crore for fraud-related issues. Despite this, the company witnessed an 11% growth in disbursements during Q4 FY24, reaching Rs 15,292 crore. However, the company’s asset quality improved, with Stage-3 at 3.4% and Stage-2 at 5% in Q3 FY24.
Mahindra & Mahindra Financial Services Reports 10% Decline in Q4 Net Profit due to Fraud Provision
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