Mahindra & Mahindra Financial Services on Thursday reported a consolidated net profit of RS 240 Crore for the June quarter assisted by a decrease in costs and higher income from business operations.

The company has posted a net loss of 1,573.40 Crore Rs in April-June 2021-22.

Loss in last year’s period was due to the impact of the second wave of Covid-19, Mahindra & Mahindra Financial Services (Mahindra Finance) said.

Net profit in that period is 62 percent lower when compared to the previous March quarter.

Total revenue during April-June 2022-23 increased to 2,914 Crore RS from 2,567 Crore Hospital, Mahindra Finance said in submitting regulations.

Interest income rose 2,766 crore Rs compared to 2,465 Crore Rs.

In addition, the total cost for non-sacrificial financial groups Mahindra Group fell 45 percent to 2,607 Crore RS compared to RS 4,725 Crore. Although the cost is higher than RS 2,035 Crore in the March 2022 quarter.

The June quarter income includes the results of as many as six subsidiaries, one partner company in the US and two joint ventures.

The company said, during this quarter, there was a strong disbursement growth of 145 percent in RS 9,472 Crore from last year, while the loan book rose 6 percent to RS 67,693 Crore at the end of Q1FY23.

At the front of the asset, a bad dirty loan established at 8 percent of dirty progress on June 30, 2022. The proportion of a net bad loan was 3.5 percent.

Capital adequacy reaches 25.9 percent healthy.

“At the end of June, the company brought total liquidity buffer around 8,700 Crore Rs – covering 3 months obligations,” he added.

Ramesh Iyer, deputy chairman and implementing director, Mahindra Finance said the company had been able to report the performance of top-line and satisfying lines behind the growth of asset and control books on the quality of assets.

“The first quarter of last year was affected because the second wave of Covid-19. As the year went on, the quality of assets increased and the performance of normalized. For that purpose, the current quarter performance was not comparable to the previous year,” Iyer said.

Mahindra’s financial shares settled in RS 196.45, down 1.16 percent from the previous closure at BSE.