M&M Financial Services shares fall over 3% after mixed Q1 results
The company's NII rose 19.7% year-on-year (YoY) to Rs 2,267 crore and increased 5.4% sequentially. Net profit stood at Rs 530 crore, up 3.2% YoY, but down 6% from the March quarter.
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Profitability was dented by a sharp rise in provisions, which surged 44.3% quarter-on-quarter to Rs 660 crore, compared to Rs 457 crore in the March quarter.
Pre-Provision Operating Profit (PPoP), however, rose 19.3% YoY to Rs 1,353 crore.
Stressed assets inched up, with Gross Stage 3 assets estimated at 3.8–3.9%, compared to 3.7% in the year-ago period. Collection efficiency declined to 95% in June, down from 97% in March.
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Disbursements during the quarter rose 1% YoY, moderating from the 5% growth recorded in the same period last year.
The company's Assets Under Management (AUM) grew 14.5% YoY to Rs 1.21 lakh crore.
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According to Trendlyne, the average analyst target price for M&M Financial Services stands at Rs 292, implying a 13% upside from current levels. Among the 33 analysts tracking the stock, the consensus rating is 'Hold'.
Technically, the Relative Strength Index (RSI) is at 49.7, indicating neutral momentum. Meanwhile, the MACD stands at -0.3, below both the signal and center lines, signaling a strong bearish trend.
The stock has declined 10% over the past year and is down 15% over the last two years. M&M Financial currently has a market capitalisation of Rs 36,076 crore.
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