Shares of M&M Financial Services received a boost and rose by 3% on April 5 as the NBFC reported healthy disbursement and collection numbers for the March quarter. The NBFC also witnessed a surge in disbursements YoY of 80%, reaching Rs 49,500 crore in FY 23. Collection efficiency was at 99% January-March quarter compared to 100% from a year before.
The brokerage firm Sharekhan, who gave a ‘buy’ rating on M&M Financial Services with a target price of Rs 290, noted how healthy credit demand caused disbursements to go up by 53% in February 2023. Another firm, Prabhudas Lilladher also increased its target price to Rs 260 with a ‘hold’ rating on the stock, on account of growth in NII estimates observed.
M&M Financial Services, part of the diversified conglomerate Mahindra & Mahindra, is a leading non-banking finance company established in 1994. It has strived to empower lower and middle income households to gain access to financial services, such as consumer and tractor finance, SME lending and microfinance through its network of banking partners. The company has been growing at a steady pace, with over 2.4 million customers, spread over 3,800+ locations. The NBFC employs cutting-edge technology in the delivery of its products and services, allowing it to provide a customer-centric experience to its customers.
Person mentioned in the article
The person mentioned in the article is Umesh Revankar, MD & CEO of M&M Financial Services. Revankar, who joined the company as CFO in 2015, assumed the leadership role at M&M Financial Services in 2018 and is credited with leading the turnaround of the NBFC into a successful enterprise. Revankar is a qualified Chartered Accountant and a cost accountant, and has a vast array of experience in the financial and banking sector, working with renowned companies such Standard Chartered Bank, ICICI Bank and Union Bank of India, to name a few. Under his vision and guidance, M&M Financial Services has seen tremendous success and is on its path to becoming a leading player in the NBFC sector.