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Mahindra Finance Q4 profit increases 11%

Mahindra Finance, Financial Results

New Delhi: Mahindra Finance on Saturday reported a year-on-year increase of 11% in its standalone net profit at Rs 370.27 crore for the March 2016 quarter, as a 27% fall in provisions lifted the company’s bottom line.

“Through increased penetration and close follow up efforts the company has been able to increase overall collections and bring down NPA levels resulting in growth of profits,” the company said in a post-earnings statement. Total income rose slightly over 9% year-on-year to Rs 1,672.89 crore, as total loans disbursed rose by 8% to Rs 6,811 crore. Other income rose by around 6% annually to Rs 17.59 crore. The non-banking finance company’s provisions, at Rs 108.89 crore, were 27% lower than in the same quarter last year.

The company also recommended a dividend of Rs 4 per equity share to the shareholders for the fiscal 2015-16.

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