Mahindra Finance 62% Profit Drop

Mahindra Finance reported a 62% year-on-year (y-o-y) drop in its standalone net profit at Rs 221 crore for the March quarter as it set aside Rs 563 crore as Covid-related provisions. The company, in order to cover the contingencies that may arise due to Covid–19 pandemic, has incorporated the management overlays in the impairment loss allowance and the total provision recognised in the statement of profit and loss during the quarter is Rs 562.60 crores. The company saw its customer base cross 6.8 million during the quarter. The standalone assets under management (AUM) stood at Rs 77,160 crore as on March 31, 2020, up 12% from Rs 68,948 crore as on the corresponding date last year. The company has already reopened around 500 of its branches in green and orange zones and is seeing walk-ins for both new loans and repayment of instalments.