{"id":43484,"date":"2024-05-05T11:42:47","date_gmt":"2024-05-05T11:42:47","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/05\/05\/mahindra-finance-reports-10-drop-in-q4-net-profit-at-rs-619-crore-times-of-india\/"},"modified":"2024-05-05T11:42:47","modified_gmt":"2024-05-05T11:42:47","slug":"mahindra-finance-reports-10-drop-in-q4-net-profit-at-rs-619-crore-times-of-india","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/05\/05\/mahindra-finance-reports-10-drop-in-q4-net-profit-at-rs-619-crore-times-of-india\/","title":{"rendered":"Mahindra Finance reports 10% drop in Q4 net profit at Rs 619 crore &#8211; Times of India"},"content":{"rendered":"<div style=\"text-align:center\"><img loading=\"lazy\" decoding=\"async\" width=\"1280\" height=\"720\" src=\"https:\/\/i0.wp.com\/static.toiimg.com\/photo\/msid-109859139,imgsize-8770.cms?fit=1280,720&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Mahindra Finance reports 10% drop in Q4 net profit at Rs 619 crore &#8211; Times of India\" title=\"Mahindra Finance reports 10% drop in Q4 net profit at Rs 619 crore &#8211; Times of India\" \/><\/div>\n<div>NEW DELHI: Mahindra &amp; Mahindra Financial Services has reported a 10 per cent <!-- -->decline<!-- --> in standalone profit and tax to Rs 619 crore for the January-March quarter of 2023-24. The non-banking finance company also said that in a fact-finding assessment of the <!-- -->fraud<!-- --> in its Aizawl branch during the quarter identified 2,887 loan accounts as potentially fraudulent in nature. <br \/>&#8220;These loans had an outstanding net recoverable balance of Rs 135.9 crore as of 31st March 2024, which have been fully provided,&#8221; <!-- -->Mahindra Finance<!-- --> said in a regulatory filing. <br \/>The NBFC, which last month delayed disclosure of its financial statement due to fraud at one of its branches in the north-eastern states, said that the fraud relates to retail vehicle loans disbursed by the company and is a case of extreme collusion between the company&#8217;s employees, with segregated duties, and external parties including vehicle dealers and bank employees. <br \/>The fraud involved forgery of KYC and other asset-related documents leading to the embezzlement of company funds. Following this, the company appointed a law firm and an accounting firm to undertake a fact-finding assessment of the suspected irregularities. <br \/> The company has carried out an exhaustive analysis of customer contracts across the portfolio at an all-India level and has confirmed no instances of similar fraud elsewhere. <br \/>&#8220;As a proactive step, the company has identified a few key initiatives to further strengthen controls, including but not limited to accelerating the timeline for centralization of document reviews and implementing digital due diligence tools for customer onboarding,&#8221; Mahindra Finance said. <br \/>During the March quarter of 2023-24 fiscal, Mahindra Finance posted a total income of Rs 3,706 crore, up 21 per cent over Rs 3,057 crore in the year-ago period. <br \/>Net interest income rose 14 per cent to Rs 1,971 crore during the fourth quarter of FY24. <br \/>For the 2023-24 fiscal, the profit after tax declined 11 per cent to Rs 1,760 crore. Total income rose 23 per cent to Rs 13,562 crore in FY24.<\/div>\n<p><script>!(function(f, b, e, v, n, t, s) {\n    function loadFBEvents(isFBCampaignActive) {\n      if (!isFBCampaignActive) {\n        return;\n      }\n      (function(f, b, e, v, n, t, s) {\n        if (f.fbq) return;\n        n = f.fbq = function() {\n          n.callMethod ? n.callMethod(...arguments) : n.queue.push(arguments);\n        };\n        if (!f._fbq) f._fbq = n;\n        n.push = n;\n        n.loaded = !0;\n        n.version = '2.0';\n        n.queue = [];\n        t = b.createElement(e);\n        t.async = !0;\n        t.defer = !0;\n        t.src = v;\n        s = b.getElementsByTagName(e)[0];\n        s.parentNode.insertBefore(t, s);\n      })(f, b, e, 'https:\/\/connect.facebook.net\/en_US\/fbevents.js', n, t, s);\n      fbq('init', '593671331875494');\n      fbq('track', 'PageView');\n    };\n    function loadGtagEvents(isGoogleCampaignActive) {\n      if (!isGoogleCampaignActive) {\n        return;\n      }\n      var id = document.getElementById('toi-plus-google-campaign');\n      if (id) {\n        return;\n      }\n      (function(f, b, e, v, n, t, s) {\n        t = b.createElement(e);\n        t.async = !0;\n        t.defer = !0;\n        t.src = v;\n        t.id = 'toi-plus-google-campaign';\n        s = b.getElementsByTagName(e)[0];\n        s.parentNode.insertBefore(t, s);\n      })(f, b, e, 'https:\/\/www.googletagmanager.com\/gtag\/js?id=AW-877820074', n, t, s);\n    };\n    function loadSurvicateJs(allowedSurvicateSections = []){\n      const section =  window.location.pathname.split('\/')[1]\n      const isHomePageAllowed = window.location.pathname === '\/' && allowedSurvicateSections.includes('homepage')\n      if(allowedSurvicateSections.includes(section) || isHomePageAllowed){\n        (function(w) {\n          var s = document.createElement('script');\n          s.src=\"https:\/\/survey.survicate.com\/workspaces\/0be6ae9845d14a7c8ff08a7a00bd9b21\/web_surveys.js\";\n          s.async = true;\n          var e = document.getElementsByTagName('script')[0];\n          e.parentNode.insertBefore(s, e);\n        })(window);\n      }\n    }\n    window.TimesApps = window.TimesApps || {};\n    var TimesApps = window.TimesApps;\n    TimesApps.toiPlusEvents = function(config) {\n      var isConfigAvailable = \"toiplus_site_settings\" in f && \"isFBCampaignActive\" in f.toiplus_site_settings && \"isGoogleCampaignActive\" in f.toiplus_site_settings;\n      var isPrimeUser = window.isPrime;\n      if (isConfigAvailable && !isPrimeUser) {\n        loadGtagEvents(f.toiplus_site_settings.isGoogleCampaignActive);\n        loadFBEvents(f.toiplus_site_settings.isFBCampaignActive);\n        loadSurvicateJs(f.toiplus_site_settings.allowedSurvicateSections);\n      } else {\n        var JarvisUrl=\"https:\/\/vsp1jarvispvt.indiatimes.com\/v1\/feeds\/toi_plus\/site_settings\/643526e21443833f0c454615?db_env=published\";\n        window.getFromClient(JarvisUrl, function(config){\n          if (config) {\n            loadGtagEvents(config?.isGoogleCampaignActive);\n            loadFBEvents(config?.isFBCampaignActive);\n            loadSurvicateJs(config?.allowedSurvicateSections);\n          }\n        })\n      }\n    };\n  })(\n    window,\n    document,\n    'script',\n  );<\/script><br \/>\n<br \/><br \/>\n<br \/><a href=\"https:\/\/timesofindia.indiatimes.com\/business\/india-business\/mahindra-finance-reports-10-drop-in-q4-net-profit-at-rs-619-crore\/articleshow\/109859091.cms\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>NEW DELHI: Mahindra &amp; Mahindra Financial Services has reported a 10 per cent decline in standalone profit and tax to Rs 619 crore for the January-March quarter of 2023-24. The non-banking finance company also said that in a fact-finding assessment of the fraud in its Aizawl branch during the quarter identified 2,887 loan accounts as [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":43485,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/static.toiimg.com\/photo\/msid-109859139,imgsize-8770.cms","fifu_image_alt":"","footnotes":""},"categories":[604],"tags":[289,1955,4785,9505,1934,6229,273,12761,44717,2111,34620,498,33902,1905,272],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/43484"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=43484"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/43484\/revisions"}],"predecessor-version":[{"id":43486,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/43484\/revisions\/43486"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/43485"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=43484"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=43484"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=43484"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}