Mahindra & Mahindra Financial Services (Mahindra Finance) on Wednesday reported over 55 per cent decline in its net profit at Rs 492 crore in the quarter ended September 2022.
In the year ago same quarter ended September 2021, it had posted a net profit of Rs 1,103 crore.
Total income increased 3 per cent to Rs 3,029 crore during the quarter under review against Rs 2,951 crore during the corresponding quarter last year, it said in a release.
The non-banking finance company focused on providing financial services in the rural and semi-urban markets said in Q2FY22 it had witnessed significant reversal of impairment provisions due to improvement in asset quality which had deteriorated during Q1 FY22 during the second wave of Covid-19.
This had resulted in a higher profit after tax.