Mahindra & Mahindra Financial Services (M&M Finance) has reported a substantial 15% year-on-year (YoY) increase in disbursements in August 2023. The non-banking finance company disbursed a total of Rs 4,400 crore during the month, up from Rs 3,800 crore in August 2022.
This impressive growth in disbursements aligns with M&M Finance’s strategic goals. The company aims to continue its robust performance, eyeing a 15%-20% annual growth in loan disbursements for the next fiscal year (FY24).
“We are pleased with the strong growth in our disbursements in August,” said Ramesh Iyer, Managing Director and CEO, M&M Finance. “This is a testament to the trust that our customers have placed in us and our ability to meet their financial needs.”
The growth in disbursements was driven by strong demand for loans across all segments, including personal loans, vehicle loans, and tractor loans. The company also saw strong demand for loans in rural areas, where economic conditions are improving.
The growth in disbursements is also a positive sign for the overall economy. It suggests that businesses and consumers are confident about the future and are willing to borrow money to invest and spend.
Investors and stakeholders should take note of M&M Finance’s strong performance. The company’s stock price has already risen in recent months, and it is likely to continue to perform well in the coming months. The growth in disbursements indicates a promising trajectory for the financial institution in the coming months.
Here are some additional details that you can add to the article to make it more engaging:
- M&M Finance is one of the leading non-banking finance companies in India. It has a strong track record of growth and profitability.
- The company has a wide range of products and services, catering to a variety of customer needs.
- M&M Finance has a strong presence in rural areas, where it is playing a key role in financing the growth of the economy.
- The company is well-managed and has a strong financial position.