M&M Finance shares hit 52-week high after Q3 results. Do you own?
M&M Finance shares: After strong Q3FY23 results announcement on Friday last week, M&M Financial Services stocks remained in focus of market bulls as the scrip attracted huge buying interest in early morning deals. M&M Finance share price today opened upside and hit intraday high of ₹267.95 per share on NSE, which turned out its new 52-week high as well. While climbing to its 52-week high, the financial stock logged to the tune 10 per cent rise in Monday morning deals.
On Friday, M&M Financial Services Ltd declared its quarterly results for recently ended December 2022 quarter. Total Income of the financial company increased by 12% to ₹3,353 Crores during the quarter ended December 31, 2022, as against ₹2,986 Crores during the corresponding quarter last year. The Profit After Tax (PAT) stood at ₹664 Crores during the quarter ended December 31, 2022, as against PAT of ₹992 Crores during the corresponding quarter last year.
M&M Financial Services’ total income grew by 10% at Rs. 7,999 Crores during the nine-month ended December 31, 2022, as against Rs. 7,252 Crores during the corresponding nine-month last year. The Profit after tax stood at Rs. 1,300 Crores during the nine-month ended December 31, 2022, as against Rs. 388 Crores during the corresponding nine-month year last year.
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During the nine-month ended December 31, 2022, the Company has made a provision, considered as Exceptional Item, of Rs. 55 Crores towards impairment of investment in its subsidiary in Sri Lanka, Mahindra Ideal Finance Limited based on assessment of the evolving economic crisis and its effect on currency devaluation. This provision was made during Q2 FY23.
During the nine-month ended December 31, 2022, the Company has made a provision, considered as Exceptional Item, of ₹56 Crores towards impairment of assets pertaining to its subsidiary in Sri Lanka, Mahindra Ideal Finance Limited (MIFL) based on assessment of the evolving economic crisis and its effect on currency devaluation. During the corresponding period last year, the Company increased its shareholding in MIFL from 38.2% to 58.2%. This stake increase had resulted in revaluation of its existing equity stake in MIFL, which led to a one-time revaluation gain of ₹21 Crores, which is shown as Exceptional Item in the nine months FY22 consolidated financials.
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Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.