M&M Financial net more than doubles to Rs 93 crore

Mahindra & Mahindra Financial Service's profit for the three-month period ended December 31 more than doubled to Rs 93.27 crore on a year on year basis.

The financial service arm of the Mahindra Group has reported a net income of Rs 409 crore for the period, a 13 per cent growth over the year ago period. Mr Ramesh Iyer, Managing Director, Mahindra Finance said that the loan disbursement for the quarter grew 64 per cent to Rs 2374 crore. For the nine month period, loan disbursement grew 24 per cent to Rs 6144 crore.

Of the total number of loans the non banking finance company disburses, 60 per cent are to finance the purchase of Mahindra vehicles including tractors while the rest is for financing the sale of non-Mahindra products.

Source: Indiacar.com Source : Business Line (Online Edition) (1/21/2010)