Sector Update : Buy Mahindra Finance Ltd - Motilal Oswal Financial Services Ltd
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Feb’24 disbursements grew 13% YoY; asset quality remained stable
CE stood at 97% (same levels YoY)
Key takeaways from Feb’24 business update:
* MMFS Feb’24 disbursements grew 13% YoY to ~INR47.3b. YTD-FY24 disbursements stood at ~INR500b, up ~14% YoY.
* Gross business assets as of Feb’24 stood at ~INR1t, up 24% YoY and a growth of ~21% over Mar’23.
* Feb’24 collection efficiency stood at 97% (vs. 97% in Feb’23).
* GS3/GS2 were range-bound compared to Dec’23.
* As of Feb’24, MMFS maintained a comfortable liquidity position with a liquidity chest of ~INR76b (~12% of borrowings).
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SEBI Registration number is INH000000412
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