Mahindra & Mahindra Financial Services Limited has informed the Exchange about Investor Presentation
mahindra FINANCE
Mahindra & Mahindra Financial Services Ltd. Mahindra Towers, 3 rd Floor,
Dr. G. M. Bhosate Marg,
Worli, Mumbai - 400 018, India
Tel.: +91 22 66526000
28th January 2025 28th January 2025
To, To, BSE Limited, (Scrip Code: 532720) BSE Limited, (Scrip Code: 532720) Phiroze Jeejeebhoy Towers, Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Dalai Street, Fort, Mumbai - 400 001 Mumbai - 400 001
National Stock Exchange of India Ltd., (Symbol: M&MFIN) National Stock Exchange of India Ltd., (Symbol: M&MFIN) Exchange Plaza, 5th Floor, Plot No. C/1, “G” Block, Exchange Plaza, 5th Floor, Plot No. C/1, "G" Block, Bandra - Kuria Complex, Bandra (East), Bandra - Kurla Complex, Bandra (East), Mumbai - 400 051 Mumbai - 400 051
Dear Sir/ Madam, Dear Sir/ Madam,
Sub: Earnings Presentation for the third quarter and nine months ended 31st December 2024- Regulation Sub: Earnings Presentation for the third quarter and nine months ended 315° December 2024- Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 (“Listing Regulations”) 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 ("Listing Regulations")
Ref: Our letter dated 23rd January 2025 intimating about earnings conference call Ref: Our letter dated 23rd January 2025 intimating about earnings conference call
In compliance with Regulation 30 read with Schedule III, Part A, Para A (15)(a) and other applicable In compliance with Regulation 30 read with Schedule III, Part A, Para A (15)(a) and other applicable provisions of Listing Regulations, please find enclosed herewith an Earnings Presentation to be made at provisions of Listing Regulations, please find enclosed herewith an Earnings Presentation to be made at earnings conference call scheduled to be held today i.e. Tuesday, 28th January 2025 at 6.00 PM (IST) earnings conference call scheduled to be held today i.e. Tuesday, 28th January 2025 at 6.00 PM (1ST) encompassing, inter-alia, an overview of the unaudited standalone and consolidated financial results of the encompassing, inter-alia, an overview of the unaudited standalone and consolidated financial results of the Company for the third quarter and nine months ended 31st December 2024 (subjected to limited review), Company for the third quarter and nine months ended 3151 December 2024 (subjected to limited review), highlights of the quarter and business overview. Please note that no Unpublished Price Sensitive highlights of the quarter and business overview. Please note that no Unpublished Price Sensitive Information would be shared by the Company during the aforesaid earnings conference call. Information would be shared by the Company during the aforesaid earnings conference call.
In compliance with Regulation 46(2)(o) of the Listing Regulations, the enclosed earnings presentation is also In compliance with Regulation 46(2)(o) of the Listing Regulations, the enclosed earnings presentation is also the Company’s website viz. https://www.mahindrafinance.com/investor- being uploaded on the Company's website viz. https://www.mahindrafinance.com/investor- being uploaded on relations/financial-information#investor-presentation . relations/financial-information#investor-presentation .
Kindly take the same on record. Kindly take the same on record.
Thanking you, Thanking you, For Mahindra & Mahindra Financial Services Limited For Mahindra & Mahindra Financial Services Limited
Brijbala Batwal Brijbala Batwal Company Secretary Company Secretary FCS No.: 5220 FCS No.: 5220 Enclosure: as above Enclosure: as above
Regd. office: Gateway Building, Apollo Bunder, Mumbai 400 001, India I Tel: +91 2268975500
Website: www.mahindrafinance.com I Email: company.secretary@mahindrafinance.com I CIN:L65921MH1991PLC059642
Mahindra & Mahindra Financial Services Limited Mahindra & Mahindra Financial Services Limited
Result Update Result Update Quarter ended Dec’24 (Q3FY25) Quarter ended Dec'24 (Q3FY25)
Regd. Office: Regd. Office: Gateway Building, Apollo Bunder, Gateway Building, Apollo Bunder, Mumbai-400 001, India Mumbai-400 001, India Tel: +91 22 6897 5500 Tel: +91 22 6897 5500 Fax:+91 22 2287 5485 Fax:+91 22 2287 5485 www.mahindrafinance.com www.mahindrafinance.com CIN - L65921MH1991PLC059642 CIN - L65921MH1991PLC059642
Corporate Office: Corporate Office: Mahindra Towers, 3rd Floor, Mahindra Towers, 3rd Floor, Dr. G. M. Bhosale Marg, Worli, Dr. G. M. Bhosale Mar& Worli, Mumbai-400 018, India Mumbai-400 018, India Tel: +91 22 6652 6000 Tel: +91 22 6652 6000 Email: investorhelpline_mmfsl@mahindra.com Email: investorhelpline_mmfsl@mahindra.com
Ca)
t
7
868858 %Mg
Emerging India's Trusted Partner Empowering Aspirations. Realising Potential.
mahindra FINANCE
Safe Harbor Safe Harbor
mahindra FINANCE
Certain statements in the Financial Results Update presentation describing the Company's Certain statements in the Financial Results Update presentation describing the Company's objectives, and predictions may be ‘forward-looking statements’ within the meaning of applicable objectives, and predictions may be forward-looking statements' within the meaning of applicable laws and regulations. Actual results may vary significantly from the forward-looking statements laws and regulations. Actual results may vary significantly from the forward-looking statements contained in this document due to various risks and uncertainties. These risks and uncertainties contained in this document due to various risks and uncertainties. These risks and uncertainties include the effect of economic and political conditions in India, volatility in interest rates, new include the effect of economic and political conditions in India, volatility in interest rates, new regulations and Government policies that may impact the Company’s business as well as its regulations and Government policies that may impact the Company's business as well as its ability to implement the strategy. The Company does not undertake to update these statements. ability to implement the strategy. The Company does not undertake to update these statements.
2
Providing Financial Solutions to Emerging India Providing Financial Solutions to Emerging India
Executive Summary Executive Summary n
Financial Information Financial Information n
Subsidiary Financials Subsidiary Financials n
Company Overview Company Overview n
Business Strategy Business Strategy
))
ESG & CSR ESG & CSR
))
mahindra FINANCE
mahindra FINANCE
Key Messages Key Messages
o Stable Quarter performance - Growth , Asset Quality & Margin o Stable Quarter performance - Growth , Asset Quality & Margin
o Disbursements up 25% ↑ QoQ o Disbursements up 25% 1` QoQ o GS3 maintained at 3.9%, reflecting steady asset quality o GS3 maintained at 3.9%, reflecting steady asset quality o NIMs resilient despite CoF pressures o NIMs resilient despite CoF pressures
o PAT at Rs 899 Crs ↑ 63% YoY o PAT at Rs 899 Crs '` 63% YoY
o Sustained Momentum on Diversification o Sustained Momentum on Diversification
o SME Disbursements grew 60% ↑ YoY o SME Disbursements grew 60% 1` YoY o Others Disbursements rose by 43% ↑ YoY o Others Disbursements rose by 43% 1` YoY
o Strategic Highlights o Strategic Highlights
o Launched exclusive offers for EV financing o Launched exclusive offers for EV financing o Inked Co-branded credit card partnership with RBL Bank o Inked Co-branded credit card partnership with RBL Bank o Partnerships with 9 Insurance providers to distribute Life, Non-Life & Health Insurance o Partnerships with 9 Insurance providers to distribute Life, Non-Life & Health Insurance o Received in principle approval for TPAP license o Received in principle approval for TPAP license o Fast tag tie-up signed up with IDFC bank o Fast tag tie-up signed up with IDFC bank
4 4 4
Key Business Indicators Q3FY25 vs Q3FY24 Key Business Indicators Q3FY25 vs Q3FY24
mahindra FINANCE
Figs. In Rs. Cr Figs. In Rs. Cr Growth % L____J Growth %
Disbursements Disbursements
,
.
7% 7%
Business AUM Business AUM
, :
19% 19%
, :
15,436 15,436
16,467 16,467
97,048 97,048
1,15,126 1,15,126
Total Income Total Income
, :
19% 19%
,
3,490 3,490
4,144 4,144
=MI6
NIM
:
16% 16%
1,815 1,815
2,099 2,099
Q3FY24 Q3FY24
Q3FY25 Q3FY25
Q3FY24 Q3FY24
Q3FY25 Q3FY25
Q3FY24 Q3FY24 13.1% 13.1%
Q3FY25 Q3FY25 13.1% 13.1O
Q3FY24 Q3FY24 Illo.sAm 6.8%
Q3FY25 Q3FY25 6.6% 6.6%
Total Opex Total Opex
:
16% 16%
877 ' 877
753 753
PPOP PPOP
15% 15%
1,062 1,062
1,222 1,222
Credit Cost Credit Cost
(97%) (97%)
:
328 328
PAT PAT
63% 63%
899 899
553 553
Q3FY24 Q3FY24 2.8% % of Avg. Total Assets % of Avg. Total Assets
Q3FY25 Q3FY25 2.8%
Q3FY24 Q3FY24 4.0%
Q3FY25 Q3FY25 3.8%
Q3FY24 Q3FY24 1.2%
Q3FY25 Q3FY25 0.0%
Q3FY24 Q3FY24 2.1%
Q3FY25 Q3FY25 2.8%
5
9 9
mahindra FINANCE
Key Business Indicators 9MFY25 vs 9MFY24 Key Business Indicators 9MFY25 vs 9MFY24
Disbursements Disbursements
Business AUM Business AUM
Total Income Total Income
42,370 42,370
4% 4%
40,916
40,916 14
19% 19%
97,048
97,048 1
1,15,126 1,15,126
20% 20%
11,830 11,830
9,856 9,856
5,164 5,164
Figs. In Rs. Cr Figs. In Rs. Cr Growth % L____i Growth %
NIM NIM
17% 17%
6,021 6,021
9MFY24 9MFY24
9MFY25 9MFY25
9MFY24 9MFY24
9MFY25 9MFY25
9MFY24 9MFY24 12.9% 12.9%
9MFY25 9MFY25 12.9% 12.9%
9MFY24 9MFY24 6.7%
9MFY25 9MFY25 6.6% =Ili
Total Opex Total Opex
14% 14%
:
2,469 2,469
2,159 2,159
PPOP PPOP
:
18% 18%
Credit Cost Credit Cost
(22%) (22%)
3,005 3,005
3,552 3,552
1,481 1,481
1,161 1,161
1,141 1,141
PAT PA
56% 56%
1,782 1,782
9MFY24 9MFY24 2.8% 2.8%
9MFY25 9MFY25 2.7% 2.7%
% of Avg. Total Assets % of Avg. Total Assets
9MFY24 9MFY24 3.9% 3.9%
9MFY25 9MFY25 3.9% 3.9%
9MFY24 9MFY24 1.9% 1.9%
9MFY25 9MFY25 1.3% 1.3%
9MFY24 9MFY24 1.5% 1.5%
9MFY25 9MFY25 2.0% 2.0%
6 6 6
Overall Disbursements Overall Disbursements
mahindra FINANCE
Asset Class Asset Class (Rs. in Crores) (Rs. in Crores)
Q3FY25 Q3FY25
Q3FY24 Q3FY24
Q2FY25 Q2FY25
YoY YoY
QoQ QoQ
9MFY25 9MFY25
9MFY24 9MFY24
YoY YoY
Passenger Vehicles Passenger Vehicles
7,050 7,050
6,507 6,507
5,315 5,315
CV & CE CV & CE
3,335 3,335
3,506 3,506
2,633 2,633
Pre-Owned Vehicle Pre-Owned Vehicle
2,354 2,354
2,425 2,425
2,384 2,384
Tractor Tractor
3-Wheeler 3-Wheeler
SME SME
Others* Others*
Total Total
1,968 1,968
1,585 1,585
1,237 1,237
688 688
706 706
365 365
716 716
442 442
255 255
642 642
659 659
293 293
16,467 16,467
15,436 15,436
13,162 13,162
8% 8%
(5%) (5%)
(3%) (3%)
24% 24%
(4%) (4%)
60% 60%
43% 43%
7% 7%
'I'
33% 33%
27% 27%
(1%) (1%)
59% 59%
7% 7%
7% 7%
25% 25%
25% 25%
17,507 17,507
17,005 17,005
3% 3%
8,638 8,638
8,864 8,864
(3%) (3%)
6,856 6,856
6,824 6,824
4,623 4,623
4,321 4,321
1,851 1,851
1,872 1,872
2,008 2,008
1,259 1,259
887 887
771 771
42,370 42,370
40,916 40,916
0% 0%
7% 7%
(1%) (1%)
60% 60%
15% 15%
4°/0 4%
* Others include Farm Implements, Gensets, Personal and Consumer Loans * Others include Farm Implements, Gensets, Personal and Consumer Loans
7 7
Margins : CoF remains elevated Margins : CoF remains elevated
mahindra FINANCE
As % of Average Total Assets As % of Average Total Assets
Q3 F25 Q3 F25
Q2 F25 Q2 F25
ChanQoQ%ge Change QoQ%
Q3 FY24 Q3 FY24
g Change Chan e YoY%
y%
o
y
Yield % Yield %
Loan Income Loan Income
Fee, Investment & Other Income Fee, Investment & Other Income
Cost of funds Cost of funds
Net Interest Income Net Interest Income
13.1% 13.1%
11.9% 11.9%
1.1% 1.1%
6.4% 6.4%
6.6% 6.6%
12.9% 12.9%
0.2% 0.2%
13.1% 13.1%
0.0% 0.0%
11.8% 11.8%
1.1% 1.1%
6.3% 6.3%
6.5% 6.5%
0.1% 0.1%
0.0% 0.0%
0.1% 0.1%
0.1% 0.1%
12.1% 12.1%
1.0% 1.0%
6.3% 6.3%
6.8% 6.8%
(0.2%) (0.2%)
0.2% 0.2%
0.2% 0.2%
(0.2%) (0.2%)
8 8
GS3: Within range GS3: Within range
mahindra FINANCE
Rs. Cr Rs. Cr
GS3 – 4 yrs trendline GS3 - 4 yrs trendline
GS3: Additions in Q3 F25 GS3: Additions in Q3 F25
11.30% 11.30%
r
5.93% 5.93%
3.97% 3.97%
3.93% 3.93%
7,223
4,589 4,589
3,852 3,852
4,525 4,525
4,309 4,309
216 216
4,525 4,525
Dec-21 Dec-21
Dec-22 Dec-22
Dec-23 Dec-23
Dec-24 Dec-24
Q2FY25 Q2FY25
Additions Additions
Q3FY25 Q3FY25
Credit cost Credit cost
Provisions Provisions End Losses End Losses
703 703
407 407
296
9 9 (434) (434) 444
1,481 1,481
368 368
1,113 1,113
dir
1,161 1,161 99 ... 99
1,061 1,061
Q2FY25 Q2FY25
Q3FY25 Q3FY25
9MFY24 9M FY24
9MFY25 9MFY25
End Losses End Losses
Provisions ■ Provisions
9 9
PCR change on account of LGD decline i PCR change on account of LGD decline
GS-3 assets (Rs. Cr) GS-3 assets (Rs. Cr)
54651
54651eig
T Q4F19 — Q3F21
Q4F19 – Q3F21
Period Period
Recovery period Recovery period for LGD (42 months) for LGD (42 months)
9,832 9,832
Covid 2nd wave Covid 2nd wave ------- +4k Cr ; +4k Cr ) -----
5,786 5,786
Q4F21 Q4F21
Q1F22 Q1F22
Q4F21 – Q2F25 Q4F21 - Q2F25
Q1F22 – Q3F25 Q1F22 - Q3F25
ma h ind ra FINANCE
• Addition of ~4K Cr to GS-3 • Addition of - 4K Cr to GS-3
reference pool reference pool
• Much better recoveries • Much better recoveries demonstrated in this demonstrated in this incremental 4K Cr pool incremental 4K Cr pool
• Resulting in lower LGD • Resulting in lower LGD
PCR (%) PCR (%)
~60.5%1 - 60.5%1
59.5% 59.5%
50.1% 50.1%
1. Quarterly average from Q4FY19 to Q3FY21 1. Quarterly average from Q4FY19 to Q3FY21
10 10 10
Decline in Credit Cost Decline in Credit Cost
mahindra FINANCE
on standalone basis on standalone basis
Particulars Particulars
FY22 FY22
FY23 FY23
FY24 9MFY24 9MFY25 9MFY24 9MFY25 FY24
Particulars Particulars
Q3FY24 Q3FY25 Q3FY25 Q3FY24
7.7% 7.7%
4.5% 4.5%
3.4% 3.4%
4.0% 4.0%
3.9% 3.9%
'Or
Credit Cost Credit Cost
GS-3 GS-3
Credit Cost Credit Cost
Provision Provision
3.1% 3.1%
1.2% 1.2%
(0.2%) (0.2%)
(1.4%) (1.4%)
1.7% 1.7%
0.1% 0.1%
Provision (Rs Cr) Provision (Rs Cr)
(145) (145)
(1,214) (1,214)
108 108
End Losses End Losses
3.3% 3.3%
2.6% 2.6%
End Losses (Rs Cr) End Losses (Rs Cr)
2,513 2,513
2,213 2,213
1.6% 1.6%
1,715 1,715
Credit Cost* Credit Cost*
1.9% 1.9%
0.5% 0.5%
368 368
1.5% 1.5%
1,113 1,113
1.3% 1.3%
-Or
Provision Provision
0.1% 0.1%
Q
End Losses End Losses
99 99
End Losses (Rs Cr) End Losses (Rs Cr)
1.2% 1.2%
-Or
1,061 1,061
1.2% 1.2%
0.0% 0.0%
(0.5%) (0.5%)
(1.4%) (1.4%)
1.7% 1.7%
449 449
1.4% 1.4%
444 444
1,
-a
3.4%
2.1%
1.5%
2.4% 2.4%
2.3% 2.3%
1.0% .0%
a Q1
Q2 Q2
1.2% 1.2% 0.7% 0.7%
0.0% .0%
Q3 Q3
1.2% 1.2%
0.0% 0.0%
Q4 Q4
FY23 FY23
FY25 FY24 FY24 -FY25
* % of Avg. Total Assets * % of Avg. Total Assets
O
Asset quality Asset quality FY25 : Targeted GS2+GS3 < 10% FY25 : Targeted GS2+GS3 < 10%
Credit costs* Credit costs* FY25: Targeted between 1.3% – 1.5% FY25: Targeted between 1.3% — 1.5%
11 11
mahinclm FINANCE
Strengthened Operations Strengthened Operations
• Strengthened Senior Management - CFO, Marketing Head appointed • Strengthened Senior Management - CFO, Marketing Head appointed
• > 4000 Mahindra Finance employes certified for selling Insurance • > 4000 Mahindra Finance employes certified for selling Insurance
• Started Digital Dexterity Program; 49% of employees have been covered • Started Digital Dexterity Program; 49% of employees have been covered
• Regular workshops for branch employees for role clarity • Regular workshops for branch employees for role clarity
• >40% applications migrated to cloud • >40% applications migrated to cloud
• Collaborated with SFDC to develop LOS for SME • Collaborated with SFDC to develop LOS for SME
• Deployed advanced AI Algorithms for cross sell, collections & underwriting • Deployed advanced Al Algorithms for cross sell, collections & underwriting
Upgrade Upgrade Talent Talent
i f
D p I7-'- Tech & Tech & Data Data
• Achieved TAT < 4 Hrs* for 97% of loan disbursement cases with CPC • Achieved TAT < 4 Hrs* for 97% of loan disbursement cases with CPC
• CPC coverage increased across – all back end activities, post disbursement , NOC’s etc • CPC coverage increased across — all back end activities, post disbursement , NOC's etc
Opex
• E-Nach coverage strengthened • E-Nach coverage strengthened
• 34 New Branches opened and Pan India revamped Branch Structure settling in • 34 New Branches opened and Pan India revamped Branch Structure settling in
0 0
GRC GRC
* From Login to Sanction * From Login to Sanction
• Product wise collections vertical formed • Product wise collections vertical formed
• EWS (Early Warning System) for Fraud & Credit risk management Gone Live. • EWS (Early Warning System) for Fraud & Credit risk management Gone Live.
• Strengthened Risk guardrails through Implementation of Machine Learning Scorecard • Strengthened Risk guardrails through Implementation of Machine Learning Scorecard
12
mahindra FINANCE
Progress on Mission - 2025 Aspirations Progress on Mission - 2025 Aspirations
What we said (Apr’22) What we said (Apr'22)
Where we are Where we are
Stable Asset Stable Asset Quality Quality
FY’25 FT25
GS3 < 6.0% GS3 < 6.0% NIM - 7.5% NIM - 7.5%
9M'25 9M’25
• GS3 < 4.0% GS3 < 4.0% NIM - 6.6% NIM - 6.6%
Pralidii FY’25
GS3 < 4.0% GS3 < 4.0% Credit Cost 1.3-1.5% Credit Cost 1.3-1.5% NIM - 6.5 - 6.7% NIM - 6.5 – 6.7%
Growth Growth
2X AUM 2X AUM
•
1.8X AUM 1.8X AUM
1.8 X - 2X AUM 1.8 X - 2X AUM
Strengthened Strengthened Operations Operations
Upgrade Talent > Upgrade Talent Tech & data > Tech & data Opex <2.5% > Opex <2.5% GRC* > GRC*
•
Talent > Talent Tech & data > Tech & data Opex - 2.7% > Opex - 2.7% GRC > GRC
Diversification Diversification
New Biz :15% New Biz : 15%
New Biz : 6% New Biz : 6%
Complete > Complete Accelerate > Accelerate Opex 2.6-2.7% > Opex 2.6-2.7% Progress > Progress
More work to do More work to do Building blocks in place Building blocks in place Mortgage, Insurance, SME Mortgage, Insurance, SME
Profitability Profitability (ROA) (ROA)
* GRC – Governance, Risk & Compliance * GRC — Governance, Risk & Compliance
ROA : 2.5% ROA : 2.5%
• ROA : 2.0% ROA : 2.0%
ROA - 1.8 - 2.0% ROA - 1.8 - 2.0%
13 13
Providing Financial Solutions to Emerging India Providing Financial Solutions to Emerging India
Executive Summary Executive Summary
Financial Information - Standalone Financial Information Standalone
Subsidiary Financials Subsidiary Financials
Company Overview Company Overview
Business Strategy Business Strategy
ESG & CSR ESG & CSR
n
n
n
n
))
))
mahinclra FINANCE
Key Financials Key Financials
mahinclm FINANCE
on standalone basis on standalone basis
Disbursement Disbursement
Total Income Total Income
Profit after Tax Profit after Tax
Q3 FY25 Q3 FY25
Rs. 16,467 crores Rs. 16,467 crores
Rs. 4,144 crores
Rs. 4,144 crores I
Rs. 3,490 crores Rs. 3,490 crores
19%
Rs. 899 crores Rs. 899 crores
63%
Rs. 553 crores Rs. 553 crores
7%
Rs. 15,436 crores Rs. 15,436 crores
Q3 FY24 Q3 FY24
9M FY25
9M FY24 9M FY24
Rs. 42,370 crores Rs. 42,370 crores
Rs. 11,830 crores Rs. 11,830 crores
Rs. 1,782 crores Rs. 1,782 crores
4%
20% 20%
56%
Rs. 40,916 crores Rs. 40,916 crores
Rs. 9,856 crores Rs. 9,856 crores
Rs. 1,141 crores Rs. 1,141 crores
15
Distribution of Disbursements Distribution of Disbursements
mahindra FINANCE
on standalone basis on standalone basis
Asset Class (Rs. in Crores) Asset Class (Rs. in Crores)
Q3FY25 Q3FY25
Q3FY24 Q3FY24
Y-o-Y Y-o-Y
9MFY25 9MFY25
9MFY24 9MFY24
Y-o-Y Y-o-Y
FY24 FY24
Passenger vehicles Passenger vehicles
7,050 (43%) 7,050 (43%)
6,507 (42%) 6,507 (42%)
8% 8%
17,507 (41%) 17,507 (41%)
17,005 (42%) 17,005 (42%)
3% 3%
22,920 (41%) 22,920 (41%)
Commercial vehicles and Commercial vehicles and construction equipments construction equipments
3,335 (20%) 3,335 (20%)
3,506 (23%) 3,506 (23%)
(5%) (5%)
8,638 (20%) 8,638 (20%)
8,864 (22%) 8,864 (22%)
(3%) (3%)
12,512 (22%) 12,512 (22%)
Pre-owned vehicles Pre-owned vehicles
2,354 (14%) 2,354 (14%)
2,425 (16%) 2,425 (16%)
(3%) (3%)
6,856 (16%) 6,856 (16%)
6,824 (17%) 6,824 (17%)
0% 0%
9,745 (17%) 9,745 (17%)
Tractors Tractors
3 Wheelers 3 Wheelers
SME SME
Others* Others*
Total Total
1,968 (12%) 1,968 (12%)
1,585 (10%) 1,585 (10%)
24% 24%
4,623 (11%) 4,623 (11%)
4,321 (11%) 4,321 (11%)
7% 7%
5,443 (10%) 5,443 (10%)
688 (4%) 688 (4%)
716 (5%) 716 (5%)
(4%) (4%)
1,851 (4%) 1,851 (4%)
1,872 (5%) 1,872 (5%)
(1%) (1%)
2,496 (4%) 2,496 (4%)
706 (4%) 706 (4%)
442 (3%) 60% 60% 442 (3%)
2,008 (5%) 2,008 (5%)
1,259 (3%) 60% 60% 1,259 (3%)
2,029 (4%) 2,029 (4%)
365 (2%) 365 (2%)
255 (2%) 255 (2%)
43% 43%
887 (2%) 887 (2%)
771 (2%) 771 (2%)
15% 15%
1,063 (2%) 1,063 (2%)
16,467 (100%) 15,436 (100%) 15,436 (100%) 16,467 (100%)
70/0 7%
42,370 (100%) 42,370 (100%)
40,916 (100%) 40,916 (100%)
4% 4%
56,208 (100%) 56,208 (100%)
* Others include Farm Implements, Gensets, Personal and Consumer Loans * Others include Farm Implements, Gensets, Personal and Consumer Loans Figures re-grouped and rounded where found relevant Figures re-grouped and rounded where found relevant
16 16
Break down of Business Assets Break down of Business Assets
mahindra FINANCE
on Standalone Basis on Standalone Basis
9MFY25 9MFY25
9MFY24 9MFY24
Asset Claw- Asset Class
Passenger vehicles Passenger vehicles
Commercial vehicles and construction Commercial vehicles and construction equipments equipments
Pre-owned vehicles Pre-owned vehicles
Tractors Tractors
SME SME
3 Wheelers 3 Wheelers
Others* Others*
41% 41%
22% 22%
12% 12%
1170 11%
5% 5%
4% 4%
5% 5%
39% 39%
23% 23%
12% 12%
12% 12%
5% 5%
4% 4%
5% 5%
44% 44%
FY24
39% 39%
23% 23%
13% 13%
11% 11%
5% 5%
4% 4%
5% 5%
44% 44%
Contribution of M&M assets in Business Assets Contribution of M&M assets in Business Assets
44% 44%
* Others include Trade Advances, Personal and Consumer Loans, Finance Lease Receivables, Implements etc. * Others include Trade Advances, Personal and Consumer Loans, Finance Lease Receivables, Implements etc. Figures re-grouped and rounded where found relevant Figures re-grouped and rounded where found relevant
17
Distribution by Geography Distribution by Geography
Circle HQ Circle HQ
0
Delhi Delhi
Jaipur Jaipur
mahindra FINA"'"
Disbursement* Disbursement*
Business Assets Business Assets
Q3FY25 Q3FY25
Q3FY24 Q3FY24
Q3FY25 Q3FY25
Q3FY24 Q3FY24
on standalone basis on standalone basis
13.7% 13.7%
16.8% 16.8%
Lucknow Lucknow
18.4% 18.4%
Thane Thane
19.3% 19.3%
Chennai Chennai
11.5% 11.5%
Hyderabad Hyderabad
12.3% 12.3%
Kolkata Kolkata
8.0% 8.0%
13.7% 13.7%
15.8% 15.8%
18.5% 18.5%
17.1% 17.1%
11.6% 11.6%
12.6% 12.6%
10.7% 10.7%
13.5% 13.5%
14.7% 14.7%
17.8% 17.8%
18.7% 18.7%
12.1% 12.1%
12.7% 12.7%
10.5% 10.5%
12.4% 12.4%
13.7% 13.7%
17.8% 17.8%
18.0% 18.0%
13.3% 13.3%
13.1% 13.1%
11.7% 11.7%
Ic
* Prepared on Finance Amount * Prepared on Finance Amount
DELHI: Chandigarh, Delhi, Haryana, Himachal Pradesh, Jammu & Kashmir, Ladakh, Punjab, Uttarakhand DELHI: Chandigarh, Delhi, Haryana, Himachal Pradesh, Jammu & Kashmir, Ladakh, Punjab, Uttarakhand JAIPUR: Rajasthan, Gujarat, Dadra & Nagar Haveli JAIPUR: Rajasthan, Gujarat, Dadra & Nagar Haveli LUCKNOW: Uttar Pradesh, Bihar LUCKNOW: Uttar Pradesh, Bihar THANE: Maharashtra, Goa, Madhya Pradesh THANE: Maharashtra, Goa, Madhya Pradesh CHENNAI: Andaman & Nicobar Island, Karnataka, Kerala, Puducherry, Tamil Nadu CHENNAI: Andaman & Nicobar Island, Karnataka, Kerala, Puducherry, Tamil Nadu HYDERABAD: Andhra Pradesh, Telangana, Orissa, Chhattisgarh HYDERABAD: Andhra Pradesh, Telangana, Orissa, Chhattisgarh 18 18 KOLKATA: Arunachal Pradesh, Assam, Meghalaya, Mizoram, Manipur, Sikkim, Tripura, West Bengal, Jharkhand KOLKATA: Arunachal Pradesh, Assam, Meghalaya, Mizoram, Manipur, Sikkim, Tripura, West Bengal, Jharkhand
Spread Analysis →Steady Reduction in Write Offs Spread Analysis 4Steady Reduction in Write Offs
mahindra FINANCE
on standalone basis on standalone basis
Particulars Particulars
Q3FY25
Q2FY25 Q2FY25
Q3FY24 A Q3FY24
9MFY25 9MFY25
9MFY24 9MFY24
. I
Total Income / Average Assets Total Income / Average Assets
Interest cost / Average Assets Interest cost / Average Assets
Gross Spread Gross Spread
Overheads / Average Assets Overheads / Average Assets
Write offs & provisions / Average Assets Write offs & provisions / Average Assets
- Write offs /Average Assets - Write offs / Average Assets
- Provisions /Average Assets - Provisions / Average Assets
Net Spread before Tax Net Spread before Tax
Net Spread after Tax Net Spread after Tax
13.1% 13.1%
6.4% 6.4%
6.6% 6.6%
2.8% 2.8%
0.0% 0.0%
1.4% 1.4%
(1.4%) (1.4%)
3.8% 3.8%
2.8% 2.8%
12.9% 12.9%
6.3% 6.3%
6.5% 6.5%
2.6% 2.6%
2.3% 2.3%
1.0% 1.0%
1.3% 1.3%
1.6% 1.6%
1.2% 1.2%
13.1% 13.1%
6.3% 6.3%
12.9% 12.9%
6.4% 6.4%
6.8% 6.8%
j
6.6% 6.6%
2.8% 2.8%
1.2% 1.2%
1.7% 1.7%
(0.5%) (0.5%)
i
2.7% 2.7%
2.1% 2.1%
2.7% 2.7%
1.3% 1.3%
1.2% 1.2%
0.1% 0.1%
2.6% 2.6%
2.0% 2.0%
12.9% 12.9%
6.1% 6.1%
6.7% 6.7%
2.8% 2.8%
1.9% 1.9%
1.5% 1.5%
0.5% 0.5%
2.0% 2.0%
1.5% 1.5%
i
Average Assets is computed based on Net Total Assets i.e., Total Assets less Provisions Average Assets is computed based on Net Total Assets i.e., Total Assets less Provisions
FY24 FY24
12.8% 12.8%
6.1% 6.1%
6.8% 6.8%
2.8% 2.8%
1.7% 1.7%
1.6% 1.6%
0.1% 0.1%
2.2% 2.2%
1.7% 1.7%
19 19
Disbursements → Seasonal traction and improved coverage witnessed Disbursements 4 Seasonal traction and improved coverage witnessed
mahindra FINANCE
Historical Disbursements (Rs. in crores) Historical Disbursements (Rs. in crores)
Q1
Q2
Q3
FY 2025 FY 2025
FY 2024 FY 2024
FY 2023 FY 2023
Collection EfficiencyA Collection Efficiency^
FY 2025 FY 2025
FY 2024 FY 2024
FY 2023 FY 2023
on standalone basis on standalone basis
Q4
-
FY
-
12,741 12,741 (5% yoy) (5% yoy)
13,162 13,162 (-1% yoy) (-1% yoy)
16,467 16,467 (7% yoy) (7% yoy)
12,165 12,165
9,472 9,472
Q1 Q1
94% 94%
94% 94%
94% 94%
13,315 13,315
15,436 15,436
15,292 15,292
56,208 56,208
11,824 11,824
14,467 14,467
13,778 13,778
49,541 49,541
Q2 Q2
96% 96%
96% 96%
97% 97%
Q3
95% 95%
95% 95%
95% 95%
Q4
-
98% 98%
99% 99%
F FY
-
96% 96%
96% 96%
^ Computed as (Current month demand collected + Overdues collected)/(Current month demand due for the month) without considering restructured contracts ^ Computed as (Current month demand collected + Overdues collected)/(Current month demand due for the month) without considering restructured contracts
20 20
Asset Quality → Overall Range-Bound Asset Quality 4 Overall Range-Bound
4.5% 4.5%
Gross Stage-3 Gross Stage-3
Net Stage-3 Net Stage-3
4.0% 4.0%
3.9% 3.9%
3.4% 3.4%
1.9% 1.9%
1.3%
1.3% 4
FY24 FY24
FY23 FY23
1.5% 1.5%
I
2.0% 2.0%
II
mahindra FINANCE
on standalone basis on standalone basis
6.0% 6.0%
6.3% 6.3%
6.0% 6.0%
5.0%
p 5.0%
FY24 Q3 FY24 Q3
FY25 Q3 FY25 Q3
FY23 FY23
FY24 FY24
FY24 Q3 FY24 Q3
FY25 Q3 FY25 Q3
Gross & Net Stage - 3 Gross & Net Stage - 3
Gross Stage - 2 Gross Stage - 2
21
Balance Sheet → Adequately Capitalized Balance Sheet 4 Adequately Capitalized
mahindra FINANCE
Capital Adequacy Capital Adequacy
Gross Stage-3 Gross Stage-3
Stage 3 - Coverage Ratio Stage 3 - Coverage Ratio
18.9% 18.9%
4.0% 4.0%
18.3% 18.3%
3.9% 3.9%
3.8% 3.8%
17.8% 17.8%
16.7% 16.7%
3.4% 3.4%
62.7% 62.7%
63.2% 63.2%
59.5%
50.1% 50.1%
(16.5%) (16.5%)
(16.4%) (16.4%)
(14.8%) (14.8%)
(15.1%) (15.1%)
Dec-23 Dec-23
Mar-24 Mar-24
Sep-24 Sep-24
Dec-24 Dec-24
Dec-23 Dec-23
Mar-24 Mar-24
Sep-24 Sep-24
Dec-24 Dec-24
Dec-23 Dec-23
Mar-24 Mar-24
Sep-24 Sep-24
Dec-24 Dec-24
(Tier I- %) (Tier I- %)
J
Well capitalized Well capitalized
Asset quality under control Asset quality under control
Prudent Prudent
22 22
Growth Trajectory Growth Trajectory
mahindra FINANCE
on standalone basis on standalone basis
Loan Book (1) (Rs. crores) Loan Book (1) (Rs. crores)
Revenues (Rs. crores) Revenues (Rs. crores)
79,455 79,455
60,445 60,445
FY22 FY22
FY23 FY23
93,392
99,195
99,195 I 93,392
FY24 FY24
9M FY24 9M FY24
1,11,630 1,11,630
13,562 13,562
11,830 11,830
9,856 9,856
9,719 9,719
11,056
11,056 r
9M FY25 9M FY25
FY22 FY22
FY23 FY23
FY24 FY24
9M FY24 9M FY24
9M FY25 9M FY25
)
/
Pre-Provisioning Operating Profit (Rs. crores) Pre-Provisioning Operating Profit (Rs. crores)
4,178 4,178
3,005 3,005
3,552 3,552
r
Profit after Tax (2) (Rs. crores) Profit after Tax (2) (Rs. crores)
1,984 1,984
1,760 1,760
1,782 1,782
989 989
1,141 1,141
3,752
3,725 3,725
3,752 I
FY23 FY23
FY22 FY22
Note : (1) Loan Book net of provisions. Note : (1) Loan Book net of provisions.
(2) PAT post exceptional items. (2) PAT post exceptional items.
J
FY24 FY24
9M FY24 9M FY24
9M FY25 9M FY25
FY22 FY22
FY23 FY23
FY24 FY24
9M FY24 9M FY24
9M FY25 9M FY25
/
23 23
Financial Performance Financial Performance
mahindra FINANCE
on standalone basis on standalone basis
r
Cost to income ratio (1) (%) Cost to income ratio (1) (%)
Return on Assets (ROA) (2) (%) Return on Assets (ROA) (2) (%)
42.1% 42.1%
41.4% 41.4%
41.8% 41.8%
41.0% 41.0%
35.8% 35.8%
p i
FY22 FY22
FY23 FY23
FY24 FY24
1.3% 1.3%
9M FY24 9M FY24
9M FY25 9M FY25
j
FY22 FY22
2.3% 2.3%
II_
FY23 FY23
1.7% 1.7%
1.5% 1.5%
2.0% 2.0%
i
9M FY24 FY24 FY24 _ 9M FY24
9M FY25 9M FY25
/
Return on Net Worth (RONW) (2) (%) Return on Net Worth (RONW) (2) (%)
r
7.7% 7.7%
Asset Quality (%) Asset Quality (%)
L Gross Stage-3 Net Stage-3 Net Stage-3
Gross Stage-3
12.1% 12.1%
12.7% 12.7%
10.0% 10.0%
8.8% 8.8%
6.5% 6.5%
FY22 FY22
FY23 FY23
FY24 FY24
9M FY24 9M FY24
9M FY25
9M FY25 2
4.5% 4.5%
3.4% 3.4%
3.4%
1.9% 1.9%
4.0% 4.0%
3.9% 3.9%
1.3%
■
1.5% 1.5%
2.0% 2.0%
FY22 FY22
58.1% 58.1%
FY23 FY23
59.5% 59.5%
FY24 FY24
63.2% 63.2%
9M FY24 9M FY24
9M FY25 9M FY25
62.7% 62.7%
50.1% 50.1%
Provision Coverage Ratio: Stage-3 Provisions/ Stage-3 Assets Provision Coverage Ratio: Stage-3 Provisions/ Stage-3 Assets
Note : (1) Cost to Income calculated as Operating Expenses (including depreciation)/(Net Interest Income + Other Income). Note : (1) Cost to Income calculated as Operating Expenses (including depreciation)/(Net Interest Income + Other Income). (2) Annualised - Calculated based on average total assets/ average networth (2) Annualised - Calculated based on average total assets/average networth
24 24
Standalone Profit & Loss Account Standalone Profit & Loss Account
mahindra FINANCE
Particulars (Rs. in crores) Particulars (Rs. in crores)
Revenue from operations (A) Revenue from operations (A)
Less: Finance cost (B) Less: Finance cost (B)
Nil (C= A-B) NII (C= A-B)
Other Income (D) Other Income (D)
Total Income (E=C+D) Total Income (E=C+D)
Employee benefits expense (F) Employee benefits expense (F)
Other expenses (G) Other expenses (G)
Depreciation and amortization (H) Depreciation and amortization (H)
Total Expenses (I=F+G+H) Total Expenses (I=F+G+H)
Pre-Provisioning Operating Profit (J=E-0 Pre-Provisioning Operating Profit (J=E-I)
Provisions and write-offs (K) Provisions and write-offs (K)
Profit before Exceptional items (L=J-K) Profit before Exceptional items (L=J-K)
Exceptional Items (M) Exceptional Items (M)
Profit before Tax (N=L+M) Profit before Tax (N=L+M)
Tax expense (O) Tax expense (O)
Net Profit after Taxes (P=N-O) Net Profit after Taxes (P=N-O)
Figures re-grouped and rounded where found relevant Figures re-grouped and rounded where found relevant
Q3FY25 Q3FY25
Q2FY25 Q2FY25
Q-o-Q Q-o-Q
Q3FY24 Q3FY24
Y-o-Y Y-o-Y
4,143 4,143
2,046 2,046
2,097 2,097
1 1
2,099 2,099
489 489
317 317
70 70
877 877
1,222 1,222
9 9
1,213 1,213
-
1,213 1,213
313 313
899 899
3,897 3,897
1,934 1,934
1,963 1,963
28 28
1,991 1,991
446 446
282 282
67 67
795 795
1,196 1,196
703 703
493 493
-
493 493
123 123
369 369
6% 6%
6% 6%
7% 7%
-95% -95%
5% 5%
10% 10%
13% 13%
5% 5%
10% 10%
2% 2%
-99% -99%
146% 146%
-
146% 146%
154% 154%
143% 143%
3,454 3,454
1,675 1,675
1,779 1,779
37 37
1,815 1,815
434 434
261 261
58 58
753 753
1,062 1,062
328 328
734 734
-
734 734
181 181
553 553
20% 20%
22% 22%
18% 18%
-96% -96%
16% 16%
13% 13%
22% 22%
21% 21%
16% 16%
15% 15%
-97% -97%
65% 65%
-
65% 65%
73% 73%
63% 63%
FY24 FY24
13,404 13,404
6,427 6,427
6,977 6,977
158 158
7,135 7,135
1,713 1,713
1,016 1,016
229 229
2,957 2,957
4,178 4,178
1,823 1,823
2,355 2,355
-
2,355 2,355
596 596
1,760 1,760
25 25
Standalone Profit & Loss Account Standalone Profit & Loss Account
mahindra FINANCE
Particulars (Rs. in crores) Particulars (Rs. in crores)
Revenue from operations (A) Revenue from operations (A)
Less: Finance cost (B) Less: Finance cost (B)
Nil (C= A-B) NII (C= A-B)
Other Income (D) Other Income (D)
Total Income (E=C+D) Total Income (E=C+D)
Employee benefits expense (F) Employee benefits expense (F)
Other expenses (G) Other expenses (G)
Depreciation and amortization (H) Depreciation and amortization (H)
Total Expenses (I=F+G+H) Total Expenses (I=F+G+H)
Pre-Provisioning Operating Profit (J=E-0 Pre-Provisioning Operating Profit (J=E-I)
Provisions and write-offs (K) Provisions and write-offs (K)
Profit before Exceptional items (L=J-K) Profit before Exceptional items (L=J-K)
Exceptional Items (M) Exceptional Items (M)
Profit before Tax (N=L+M) Profit before Tax (N=L+M)
Tax expense (O) Tax expense (O)
Net Profit after Taxes (P=N-O) Net Profit after Taxes (P=N-O)
Figures re-grouped and rounded where found relevant Figures re-grouped and rounded where found relevant
9MFY25 9MFY25
9MFY24 9MFY24
Y-o-Y Y-o-Y
11,763 11,763
5,809 5,809
5,954 5,954
67 67
6,021 6,021
1,406 1,406
862 862
201 201
2,469 2,469
3,552 3,552
1,161 1,161
2,392 2,392
-
2,392 2,392
610 610
1,782 1,782
9,750 9,750
4,692 4,692
5,058 5,058
106 106
5,164 5,164
1,288 1,288
703 703
168 168
2,159 2,159
3,005 3,005
1,481 1,481
1,524 1,524
-
1,524 1,524
383 383
1,141 1,141
21% 21%
24% 24%
18% 18%
(37%) (37%)
17% 17%
9% 9%
23% 23%
19% 19%
14% 14%
18% 18%
(22%) (22%)
57% 57%
-
57% 57%
59% 59%
56% 56%
FY24 FY24
13,404 13,404
6,427 6,427
6,977 6,977
158 158
7,135 7,135
1,713 1,713
1,016 1,016
229 229
2,957 2,957
4,178 4,178
1,823 1,823
2,355 2,355
-
2,355 2,355
596 596
1,760 1,760
26 26
Standalone Balance Sheet Standalone Balance Sheet
mahindra FINANCE
Particulars (Rs. in crores) Particulars (Rs. in crores)
As on Dec 31, 2024 As on Dec 31, 2024
As on Dec 31, 2023 As on Dec 31, 2023
As on Mar 31, 2024 As on Mar 31, 2024
ASSETS ASSETS
Financial Asset Financial Asset
a) Cash and cash equivalents a) Cash and cash equivalents
b) Bank balance other than (a) above b) Bank balance other than (a) above
c) Derivative financial instruments c) Derivative financial instruments
d) Trade Receivables d) Trade Receivables
e) Loans e) Loans
f) Investments f) Investments
g) Other Financial Assets g) Other Financial Assets
Financial Asset Financial Asset
Non-Financial Asset Non-Financial Asset
a) Current tax assets (Net) a) Current tax assets (Net)
b) Deferred tax assets (Net) b) Deferred tax assets (Net)
c) Property, plant and equipment c) Property, plant and equipment
d) Intangible assets d) Intangible assets
e) Other non-financial assets e) Other non-financial assets
Non-Financial Assets Non-Financial Assets
Total Assets Total Assets
Figures re-grouped and rounded where found relevant Figures re-grouped and rounded where found relevant
1,027 1,027
3,809 3,809
62 62
7 7
1,11,630 1,11,630
8,682 8,682
209 209
355 355
2,724 2,724
3 3
10 10
93,392 93,392
8,783 8,783
231 231
1,25,425 1,25,425
1,05,500 1,05,500
601 601
656 656
872 872
193 193
695 695
3,018 3,018
1,28,443 1,28,443
618 618
724 724
801 801
85 85
541 541
2,769 2,769
1,08,269 1,08,269
311 311
2,956 2,956
-
25 25
99,195 99,195
9,651 9,651
229 229
1,12,367 1,12,367
610 610
691 691
811 811
120 120
561 561
2,793 2,793
1,15,159 1,15,159
27 27
Standalone Balance Sheet (Contd.) Standalone Balance Sheet (Contd.)
mahindra FINANCE
Particulars (Rs. in crores) Particulars (Rs. in crores)
LIABILITIES AND EQUITY LIABILITIES AND EQUITY Financial Liabilities Financial Liabilities a) Derivative financial instruments a) Derivative financial instruments b) Payables b) Payables
i) Trade payables i) Trade payables ii) Other payables ii) Other payables
c) Debt Securities c) Debt Securities d) Borrowings (Other than Debt Securities) d) Borrowings (Other than Debt Securities) e) Deposits e) Deposits f) Subordinated Liabilities f) Subordinated Liabilities g) Other financial liabilities g) Other financial liabilities Financial Liabilities Financial Liabilities Non-Financial liabilities Non-Financial liabilities a) Current tax liabilities (Net) a) Current tax liabilities (Net) b) Provisions b) Provisions c) Other non-financial liabilities c) Other non-financial liabilities Non-Financial Liabilities Non-Financial Liabilities Equity Equity a) Equity Share capital a) Equity Share capital b) Other Equity b) Other Equity Equity Equity Total Equities and Liabilities Total Equities and Liabilities
Figures re-grouped and rounded where found relevant Figures re-grouped and rounded where found relevant
As on Dec 31, 2024 As on Dec 31, 2024
As on Dec 31, 2023 As on Dec 31, 2023
As on Mar 31, 2024 As on Mar 31, 2024
297 297
1,133 1,133 8 8 29,448 29,448 60,934 60,934 9,622 9,622 4,579 4,579 2,842 2,842 1,08,862 1,08,862
98 98 169 169 96 96 363 363
247 247 18,972 18,972 19,219 19,219 1,28,443 1,28,443
233 233
1,288 1,288 32 32 26,587 26,587 49,891 49,891 6,654 6,654 3,303 3,303 2,386 2,386 90,373 90,373
87 87 206 206 80 80 373 373
247 247 17,276 17,276 17,523 17,523 1,08,269 1,08,269
335 335
1,459 1,459 65 65 26,726 26,726 54,319 54,319 7,175 7,175 4,006 4,006 2,441 2,441 96,527 96,527
119 119 205 205 151 151 475 475
247 247 17,911 17,911 18,157 18,157 1,15,159 1,15,159
28 28
Summary & Key Ratios Summary & Key Ratios
mahindra FINANCE
on standalone basis on standalone basis
Particulars Particulars
9MFY25 9MFY25
9MFY24 9MFY24
RONW (Avg. Net Worth) - annualised RONW (Avg. Net Worth) - annualised
Debt / Equity Debt / Equity
Capital Adequacy Capital Adequacy
Tier I Tier I
Tier II Tier II
EPS (Basic) (Rs.)* EPS (Basic) (Rs.)*
Book Value (Rs.) Book Value (Rs.)
Dividend % Dividend %
No. of employees No. of employees
12.7% 12.7%
5.44:1 5.44:1
17.8% 17.8%
15.1% 15.1%
2.7% 2.7%
14.43 14.43
155.6 155.6
- -
8.8% 8.8%
4.93:1 4.93:1
18.3% 18.3%
16.5% 16.5%
1.8% 1.8%
9.24 9.24
141.8 141.8
- -
FY24
10.0% 10.0%
5.08:1 5.08:1
18.9% 18.9%
16.4% 16.4%
2.5% 2.5%
14.26 14.26
147.0 147.0
315% 315%
26,035 26,035
26,484 26,484
26,662 26,662
*Not annualized *Not annualized Figures restated where found relevant Figures restated where found relevant
29 29
Stage 3 - Analysis Stage 3 - Analysis
Particulars (Rs. in crores) except figures in % Particulars (Rs. in crores) except figures in %
mahindra FINANCE
on standalone basis on standalone basis
Dec 31, 2024 Sep 30, 2024 Dec 31, 2023 Mar 31, 2024 Mar 31, 2023 Mar 31, 2023 Dec 31, 2023 Dec 31, 2024
Sep 30, 2024
Mar 31, 2024
Business Assets (including Provisions) Business Assets (including Provisions)
1,15,126 1,15,126
1,12,454 1,12,454
97,048 97,048
1,02,597 1,02,597
82,770 82,770
Gross Stage 3 Gross Stage 3
Less: Stage 3 ECL Provisions Less: Stage 3 ECL Provisions
Net Stage 3 Net Stage 3
Gross Stage 3 as % of Business Assets Gross Stage 3 as % of Business Assets
Net Stage 3 as % of Business Assets Net Stage 3 as % of Business Assets
Coverage Ratio (%) - based on Stage 3 ECL Coverage Ratio (%) – based on Stage 3 ECL
Stage 1 & 2 provision to Business Assets (%) Stage 1 & 2 provision to Business Assets (%)
Coverage Ratio (%) - including Stage 1 & 2 provision Coverage Ratio (%) – including Stage 1 & 2 provision
4,525 4,525
2,267 2,267
2,258 2,258
3.93% 3.93%
2.00% 2.00%
50.1% 50.1%
1.1% 1.1%
77.3% 77.3%
4,309 4,309
2,563 2,563
1,746 1,746
3.83% 3.83%
1.59% 1.59%
59.5% 59.5%
1.2% 1.2%
91.3% 91.3%
3,852 3,852
2,416 2,416
1,436 1,436
3.97% 3.97%
1.52% 1.52%
62.7% 62.7%
1.3% 1.3%
94.9% 94.9%
3,491 3,491
2,205 2,205
1,286 1,286
3.40% 3.40%
1.28% 1.28%
63.2% 63.2%
1.2% 1.2%
97.4% 97.4%
3,717 3,717
2,210 2,210
1,507 1,507
4.49% 4.49%
1.87% 1.87%
59.5% 59.5%
1.3% 1.3%
88.6% 88.6%
Figures restated, re-grouped and rounded where found relevant Figures restated, re-grouped and rounded where found relevant
30
Credit Charge Credit Charge
/
mahindra FINANCE
on standalone basis on standalone basis
Particulars (Rs. in crores) Particulars (Rs. in crores)
Q3FY25 Q3FY25
Q2FY25 Q2FY25
Q3FY24 Q3FY24
I
9MFY25 9MFY25
9MFY24 9MFY24
I
FY24 FY24
Stage-1 Provisions Stage-1 Provisions
Stage-2 Provisions Stage-2 Provisions
Stage-3 Provisions Stage-3 Provisions
Provisions - P&L Charge Provisions – P&L Charge
(31) (31)
(107) (107)
(296) (296)
(434) (434)
25 25
86 86
297 297
407 407
(119) (119)
45 45
I
(46) (46)
(121) (121)
I
(31) (31)
68 68
63 63
99 99
23 23
133 133
213 213
i
46 46
67 67
(5) (5)
FY23
117 117
(651) (651)
(680) (680)
368 368
i
108 108
(1,214) (1,214)
Write-Offs Write-Offs
444 444
296 296
449 449
1,061 1,061
1,113 1,113
1
1,715 1,715
2,213 2,213
Total Total
9 9
703 703
328 328
1,161 1,161
1,481 1,481
1,823 1,823
999 999
Figures re-grouped and rounded where found relevant Figures re-grouped and rounded where found relevant
31 31
Stage Wise Provisioning Stage Wise Provisioning
Stage-Wise Assets and Provisioning Stage-Wise Assets and Provisioning
mahindra FINANCE
on standalone basis on standalone basis
As on 31st Dec 2024 As on 31st Dec 2024
As on 30th Sep 2024 As on 30th Sep 2024
As on 31st Mar 2024 As on 31st Mar 2024
Rs. in crores Rs. in crores
_
Business Assets Business Assets (Amount and %) (Amount and %)
Provisions & Provisions & Coverage Coverage
Business Assets Business Assets (Amount and %) (Amount and %)
Provisions & Provisions & Coverage Coverage
i Business Assets Business Assets (Amount and %) (Amount and %)
Provisions & Provisions & Coverage Coverage
Stage - 1 Assets Stage - 1 Assets
1,03,368 1,03,368
89.8% 89.8%
Stage - 2 Assets Stage - 2 Assets
7,234 7,234
6.3% 6.3%
571 571
658 658
0.6% 0.6%
1,00,921 1,00,921
89.7% 89.7%
607 607
0.6% 0.6%
93,946 93,946
91.6% 91.6%
9.1% 9.1%
7,225 7,225
6.4% 6.4%
766 766
10.6% 10.6%
5,160 5,160
5.0% 5.0%
606 606
590 590
0.6% 0.6%
11.4% 11.4%
Stage - 3 Assets Stage - 3 Assets
4,525 4,525
3.9% 3.9%
2,267 2,267
50.1% 50.1%
4,309 4,309
3.8% 3.8%
2,563 2,563
59.5% 59.5%
3,491 3,491
3.4% 3.4%
2,205 2,205
63.2% 63.2%
Total Total
1,15,126 1,15,126
3,496 3,496
13.0%
1,12,454 3.0% 1,12,454
3,935 3,935
3.5% 1,02,597 3.5% 1,02,597
3,401 3,401
3.3% 3.3%
Comparison of IRACP and IND-AS Provisioning requirement Comparison of IRACP and IND-AS Provisioning requirement
Rs. in crores Rs. in crores
Stage 1 and Stage 2 Stage 1 and Stage 2
Stage 3 Stage 3
Total Total
IRACP (A)* IRACP (A)*
IND-AS (B) IND-AS (B)
Difference (B-A) Difference (B-A)
452 452
1,588 1,588
2,040 2,040
1,229 1,229
2,267 2,267
3,496 3,496
777 777
679 679
1,456 1,456
*GNPA as per IRACP norm is Rs 6,222 cr v/s stage 3 assets as per IND-AS norm of Rs 4,525 cr *GNPA as per IRACP norm is Rs 6,222 cr v/s stage 3 assets as per IND-AS norm of Rs 4,525 cr Figures re-grouped and rounded where found relevant Figures re-grouped and rounded where found relevant
32 32
Broad Based Liability Mix Broad Based Liability Mix
mahindra FINANCE
on standalone basis on standalone basis
Funding Mix by Investor Category Funding Mix by Investor Category
Funding Mix by type of Instrument Funding Mix by type of Instrument
Investor Type ........... • 7r,„,w
Banks / Financial Banks / Financial Institutions Institutions
Dec' 24 Dec’ 24
Sep' 24 Dec'23 Dec’23 Sep’ 24
Amount % Share % Share % Share Amount % Share % Share % Share
Instrument Type
M. I.
....0..
Dec' 24 Dec’ 24
Sep' 24 Dec'23 Dec’23 Sep’ 24
Amount % Share % Share % Share Amount % Share % Share % Share
62,873 62,873
60.0% 60.0%
57.6% 57.6%
59.0% 59.0%
NCDs NCDs
24,524 24,524
23.4% 23.4%
24.1% 24.1%
23.7% 23.7%
Mutual Funds Mutual Funds
7,949 7,949
7.6% 7.6%
9.0% 9.0%
7.8% 7.8%
Retail NCDs Retail NCDs
3,230 3,230
3.1% 3.1%
3.1% 3.1%
4.4% 4.4%
Bank / Fl Loans Bank / FI Loans
50,669 50,669
48.3% 48.3%
46.0% 46.0%
49.7% 49.7%
Insurance & Pension Insurance & Pension Funds Funds
15,559 15,559
14.8% 14.8%
15.0% 15.0%
16.9% 16.9%
Offshore Borrowings Offshore Borrowings
3,565 3,565
3.4% 3.4%
3.7% 3.7%
3.1% 3.1%
FlIs & Corporates FIIs & Corporates
11,096 11,096
10.6% 10.6%
10.3% 10.3%
8.2% 8.2%
7,392 7,392
7.0% 7.0%
8.1% 8.1%
8.0% 8.0%
Others Others
Total Total
Fixed Deposits Fixed Deposits
9,650 9,650
9.2% 9.2%
8.6% 8.6%
7.7% 7.7%
CP, ICD, TREPS CP, ICD, TREPS
Securitisation/ Securitisation/ Assignment Assignment
6,481 6,481
6.2% 6.2%
8.8% 8.8%
6.5% 6.5%
6,752 6,752
6.4% 6.4%
5.6% 5.6%
4.9% 4.9%
1,04,870 1,04,870
100% 100%
100% 100%
100% 100%
Total Total
1,04,870 1,04,870
100% 100%
100% 100%
100% 100%
41% of the overall borrowing is at floating rate as of Dec’24 41% of the overall borrowing is at floating rate as of Dec'24 ^ Based on holding as at respective period ends A Based on holding as at respective period ends
Computed based on FV/ Principal value Computed based on FV/ Principal value
All figures in INR crores All figures in INR crores
33
ALM Position and Liability Maturity ALM Position and Liability Maturity
0. 111111.
111,40,000 1,40,000
Cumulative Inflow Cumulative Inflow
Cumulative Outflow Cumulative Outflow
Cumulative Mismatch% 44-* Cumulative Mismatch%
1,20,000 1,20,000
1,00,000 1,00,000
80,000 80,000
60,000 60,000
40,000 40,000
20,000 20,000
-
9,768 9,768
3,243 3,243
13,756 13,756
7,987 7,987
17,637 17,637
15,252 15,252
25,994 25,994
29,374 29,374
•
Upto 1 Month Upto 1 Month
Upto 2 Month Upto 2 Month
Upto 3 Month Upto 3 Month
Upto 6 Month Upto 6 Month
Upto 1 Year Upto 1 Year
48,609 48,609
39,060 39,060
1,02,643 1,02,643
91,307
91,307 i
Upto 3 Year Upto 3 Year
mahindra FINANCE
All figures in Rs. crores All figures in Rs. crores
1,04,122 1,04,122
1,21,011
1,21,011 i
Upto 5 Year Upto 5 Year
280% 280%
240% 240%
200% 200%
160% 160%
120% 120%
80% 80%
40% 40%
0% 0%
Next 6 Next 6 months months
Liability MaturityA Liability Maturity^
Bank Loans Bank Loans
Market Instruments Market Instruments (NCD/ CP etc.) (NCD/ CP etc.)
Others (FD/ ICD) Others (FD/ ICD)
Jan-25 Jan-25
Feb-25 Mar-25 Mar-25 Feb-25
Q4 FY25 Q4 FY25
Apr-25 Apr-25
May-25 May-25
Jun-25 Jun-25
Q1 FY26 Q1 FY26
1,121 1,121
550 550
197 197
1,293 1,293
2,604 2,604
5,018 5,018
979 979
1,486 1,486
2,062 2,062
4,527 4,527
7,932 7,932
2,700 2,700
4,505 4,505
7,755 7,755
1,900 1,900
438 438
317 317
952 952
962 962
325 325
149 149
1,646 1,646
3,871 3,871
1,923 1,923
224 224
1,336 1,336
1,648 1,648
Total Total
1,868 1,868
4,431 4,431
7,426 7,426
13,726 13,726
3,842 3,842
1,960 1,960
3,932 3,932
9,734 9,734
11,503 11,503
Based on provisional ALM as on Dec 31, 2024 Based on provisional ALM as on Dec 31, 2024
A excl. Securitisation and as on Dec 31, 2024 ^ excl. Securitisation and as on Dec 31, 2024
34 34
In addition to undrawn sanctioned lines, the Company held Cash/ Liquid investments of ~ INR 9,322 crores In addition to undrawn sanctioned lines, the Company held Cash/ Liquid investments of - INR 9,322 crores
Providing Financial Solutions to Emerging India Providing Financial Solutions to Emerging India
Executive Summary Executive Summary
Financial Information - Consolidated Financial Information Consolidated
Subsidiary Financials Subsidiary Financials
Company Overview Company Overview
Business Strategy Business Strategy
n
n
n
n
n
ESG & CSR ESG & CSR
))
mahinclra FINANCE
Key Financials Key Financials
mahinclm FINANCE
on consolidated basis on consolidated basis
Disbursement Disbursement
Total Income Total Income
Profit after Tax Profit after Tax
Q3 FY25 Q3 FY25
Rs. 17,168 crores Rs. 17,168 crores
7%
Rs. 16,094 crores Rs. 16,094 crores
Rs. 4,799 crores
Rs. 4,799 crores I
Rs. 4,137 crores Rs. 4,137 crores
16%
Rs. 918 crores Rs. 918 crores
47% 47%
Rs. 623 crores Rs. 623 crores
Q3 FY24 Q3 FY24
9M FY25
9M FY24 9M FY24
Rs. 44,413 crores Rs. 44,413 crores
Rs. 13,634 crores Rs. 13,634 crores
Rs. 1,805 crores Rs. 1,805 crores
5%
17%
42% 42%
Rs. 42,473 crores Rs. 42,473 crores
Rs. 11,637 crores Rs. 11,637 crores
Rs. 1,272 crores Rs. 1,272 crores
36
Consolidated Profit & Loss Account Consolidated Profit & Loss Account
mahindra FINANCE
Particulars (Rs. in crores) Particulars (Rs. in crores)
Revenue from operations (A) Revenue from operations (A)
Less: Finance cost (B) Less: Finance cost (B)
Nil (C= A-B) NII (C= A-B)
Other Income (D) Other Income (D)
Total Income (E=C+D) Total Income (E=C+D)
Employee benefits expense (F) Employee benefits expense (F)
Other expenses (G) Other expenses (G)
Depreciation and amortization (H) Depreciation and amortization (H)
Total Expenses (I=F+G+H) Total Expenses (I=F+G+H)
Pre-Provisioning Operating Profit (J=E-0 Pre-Provisioning Operating Profit (J=E-I)
Provisions and write-offs (K) Provisions and write-offs (K)
Profit before Exceptional items (L=J-K) Profit before Exceptional items (L=J-K)
Exceptional Items (M) Exceptional Items (M)
Share of Profit of Associates (N) Share of Profit of Associates (N)
Profit before taxes (O= L+M+N) Profit before taxes (O= L+M+N)
Tax expense (P) Tax expense (P)
Net Profit after Taxes (Q=O-P) Net Profit after Taxes (Q=O-P)
Figures re-grouped and rounded where found relevant Figures re-grouped and rounded where found relevant
Q3 FY25 Q3 FY25
Q2 FY25 Q2 FY25
Q-o-Q Q-o-Q
Q3 FY24 Q3 FY24
Y-o-Y Y-o-Y
4,797 4,797
2,175 2,175
2,622 2,622
3 3
2,625 2,625
597 597
632 632
82 82
1,312 1,312
1,313 1,313
96 96
1,217 1,217
- 16 16
1,233 1,233
315 315
918 918
4,465 4,465
2,062 2,062
2,403 2,403
14 14
2,417 2,417
558 558
533 533
79 79
1,170 1,170
1,247 1,247
738 738
509 509
- 14 14
523 523
133 133
390 390
7% 7%
5% 5%
9% 9%
-81% -81%
9% 9%
7% 7%
19% 19%
4% 4%
12% 12%
5% 5%
-87% -87%
139% 139%
-
14% 14%
136% 136%
137% 137%
135% 135%
4,100 4,100
1,798 1,798
2,302 2,302
37 37
2,339 2,339
567 567
543 543
69 69
1,179 1,179
1,160 1,160
347 347
814 814
- 13 13
826 826
203 203
623 623
17% 17%
21% 21%
14% 14%
-93% -93%
12% 12%
5% 5%
17% 17%
19% 19%
11% 11%
13% 13%
-72% -72%
50% 50%
-
25% 25%
49% 49%
55% 55%
47% 47%
FY24 FY24
15,797 15,797
6,959 6,959
8,838 8,838
173 173
9,011 9,011
2,261 2,261
1,987 1,987
275 275
4,523 4,523
4,488 4,488
1,956 1,956
2,532 2,532
-
56 56
2,588 2,588
645 645
1,943 1,943
a
37 37
- - Consolidated Profit & Loss Account Consolidated Profit & Loss Account
mahindra FINANCE
Particulars (Rs. in crores) Particulars (Rs. in crores)
Revenue from operations (A) Revenue from operations (A)
Less: Finance cost (B) Less: Finance cost (B)
Nil (C= A-B) NII (C= A-B)
Other Income (D) Other Income (D)
Total Income (E=C+D) Total Income (E=C+D)
Employee benefits expense (F) Employee benefits expense (F)
Other expenses (G) Other expenses (G)
Depreciation and amortization (H) Depreciation and amortization (H)
Total Expenses (I=F+G+H) Total Expenses (I=F+G+H)
Pre-Provisioning Operating Profit (J=E-0 Pre-Provisioning Operating Profit (J=E-I) Provisions and write-offs (K) A Provisions and write-offs (K) ^
Profit before Exceptional items (L=J-K) Profit before Exceptional items (L=J-K)
Exceptional Items (M) Exceptional Items (M)
Share of Profit of Associates (N) Share of Profit of Associates (N)
Profit before taxes (O= L+M+N) Profit before taxes (O= L+M+N)
Tax expense (P) Tax expense (P)
Net Profit after Taxes (Q=O-P) Net Profit after Taxes (Q=O-P)
Figures re-grouped and rounded where found relevant Figures re-grouped and rounded where found relevant
9MFY25 9MFY25
9MFY24 9MFY24
Y-o-Y Y-o-Y
13,577 13,577
6,198 6,198
,380 7,380
56 56
7,436 7,436
1,747 1,747
1,696 1,696
237 237
3,679 3,679
3,757 3,757
1,389 1,389
2,368 2,368
-
49 49
2,417 2,417
613 613
1,805 1,805
11,517 11,517
5,098 5,098
6,418 6,418
121 121
6,539 6,539
1,701 1,701
1,397 1,397
203 203
3,301 3,301
3,238 3,238
1,586 1,586
1,652 1,652
-
41 41
1,692 1,692
420 420
1,272 1,272
18% 18%
22% 22%
15% 15%
-54% -54%
14% 14%
3% 3%
21% 21%
17% 17%
11% 11%
16% 16%
-12% -12%
43% 43%
-
21% 21%
43% 43%
46% 46%
42% 42%
FY24 FY24
15,797 15,797
6,959 6,959
8,838 8,838
173 173
9,011 9,011
2,261 2,261
1,987 1,987
275 275
4,523 4,523
4,488 4,488
1,956 1,956
2,532 2,532
-
56 56
2,588 2,588
645 645
1,943 1,943
38 38
- - Consolidated Balance Sheet Consolidated Balance Sheet
Particulars (Rs. in crores) Particulars (Rs. in crores) ASSETS ASSETS
Financial Asset Financial Asset a) Cash and cash equivalents a) Cash and cash equivalents b) Bank balance other than (a) above b) Bank balance other than (a) above c) Derivative financial instruments c) Derivative financial instruments d) Trade Receivables d) Trade Receivables e) Loans e) Loans f) Investments f) Investments g) Other Financial Assets g) Other Financial Assets Financial Asset Financial Asset
Non-Financial Asset Non-Financial Asset
a) Current tax assets (Net) a) Current tax assets (Net) b) Deferred tax Assets (Net) b) Deferred tax Assets (Net) c) Property, plant and equipment (includes CWIP) c) Property, plant and equipment (includes CWIP) d) Intangible assets (includes under development) d) Intangible assets (includes under development) e) Other non-financial assets e) Other non-financial assets Non-Financial Assets Non-Financial Assets Total Assets Total Assets
mahindra FINANCE
As on Dec 31, 2024 As on Dec 31, 2024
As on Dec 31, 2023 As on Dec 31, 2023
As on Mar 31, 2024 As on Mar 31, 2024
1,210 1,210 3,911 3,911 62 62 170 170 1,19,011 1,19,011 8,797 8,797 276 276 1,33,437 1,33,437
726 726 792 792 1,032 1,032 200 200 755 755 3,506 3,506 1,36,943 1,36,943
734 734 2,923 2,923 3 3 128 128 1,00,250 1,00,250 8,588 8,588 298 298 1,12,924 1,12,924
731 731 834 834 972 972 97 97 595 595 3,228 3,228 1,16,152 1,16,152
904 904 3,129 3,129
- 173 173 1,06,344 1,06,344 9,598 9,598 294 294 1,20,442 1,20,442
733 733 802 802 983 983 130 130 625 625 3,273 3,273 1,23,716 1,23,716
Figures re-grouped and rounded where found relevant Figures re-grouped and rounded where found relevant
39 39
Consolidated Balance Sheet (Contd.) Consolidated Balance Sheet (Contd.)
mahindra FINANCE
Particulars (Rs. in crores) Particulars (Rs. in crores) LIABILITIES AND EQUITY LIABILITIES AND EQUITY Financial Liabilities Financial Liabilities a) Derivative financial instruments a) Derivative financial instruments b) Payables b) Payables
i) Trade payables i) Trade payables ii) Other payables ii) Other payables
c) Debt Securities c) Debt Securities d) Borrowings (Other than Debt Securities) d) Borrowings (Other than Debt Securities) e) Deposits e) Deposits f) Subordinated Liabilities f) Subordinated Liabilities g) Other financial liabilities g) Other financial liabilities Financial Liabilities Financial Liabilities Non-Financial liabilities Non-Financial liabilities a) Current tax liabilities (Net) a) Current tax liabilities (Net) b) Provisions b) Provisions c) Other non-financial liabilities c) Other non-financial liabilities Non-Financial Liabilities Non-Financial Liabilities Equity Equity a) Equity Share capital a) Equity Share capital b) Other Equity b) Other Equity c) Non-controlling interests c) Non-controlling interests Equity (incl. attributable to minority investors) Equity (incl. attributable to minority investors) Total Equities and Liabilities Total Equities and Liabilities
As on Dec 31, 2024 As on Dec 31, 2024
As on Dec 31, 2023 As on Dec 31, 2023
As on Mar 31, 2024 As on Mar 31, 2024
299 299
1,358 1,358 8 8 32,785 32,785 63,013 63,013 9,638 9,638 5,129 5,129 3,182 3,182 1,15,411 1,15,411
109 109 204 204 131 131 444 444
247 247 20,796 20,796 45 45 21,088 21,088 1,36,943 1,36,943
233 233
1,492 1,492 32 32 29,221 29,221 52,360 52,360 6,613 6,613 3,764 3,764 2,698 2,698 96,412 96,412
96 96 249 249 114 114 459 459
247 247 18,995 18,995 38 38 19,280 19,280 1,16,152 1,16,152
335 335
1,679 1,679 65 65 29,888 29,888 56,790 56,790 7,175 7,175 4,466 4,466 2,774 2,774 1,03,172 1,03,172
129 129 255 255 186 186 569
247 247 19,686 19,686 42 42 19,975 19,975 1,23,716 1,23,716
Figures re-grouped and rounded where found relevant Figures re-grouped and rounded where found relevant
40 40
Providing Financial Solutions to Emerging India Providing Financial Solutions to Emerging India
Executive Summary Executive Summary
Financial Information Financial Information
Subsidiary Financials Subsidiary Financials
Company Overview Company Overview
Business Strategy Business Strategy
n
))
1_
n
n
ESG & CSR ESG & CSR
))
mahinclra FINANCE
mahindra FINANCE
Mahindra Rural Housing Finance Limited Mahindra Rural Housing Finance Limited
Particulars (Rs. in crores) Particulars (Rs. in crores)
Q3FY25 Q3FY25
Q3FY24 Q3FY24
9 9MFY25
9MFY24 9MFY24
Loans disbursed Loans disbursed
Loans & Advances (net) Loans & Advances (net)
Total income Total income
PBT PBT
PAT PAT
Net-worth Net-worth
Gross Stage 3 % Gross Stage 3 %
Net Stage 3 % Net Stage 3 %
483 483
7,026 7,026
297 297
(35) (35)
(27) (27)
1,413 1,413
9.41% 9.41%
5.14% 5.14%
554 554
6,693 6,693
311 311
19 19
13 13
1,486 1,486
11.55% 11.55%
8.41% 8.41%
i
i
I
- i- i
1,479 1,479
7,026 7,026
901 901
(101) (101)
(76) (76)
1,413 1,413
9.41% 9.41%
5.14% 5.14%
1,325 1,325
6,693 6,693
984 984
4 4
2 2
1,486 1,486
11.55% 11.55%
8.41% 8.41%
i
i
I
1- i 1_
Year ended Year ended March -24 March -24
2,071 2,071
6,933 6,933
1,294 1,294
5 5
4 4
1,488 1,488
9.03% 9.03%
6.29% 6.29%
▪ Business Area: ■ Business Area:
Provide loans for home construction, extension, purchase and improvement to customers in rural and semi-urban India Provide loans for home construction, extension, purchase and improvement to customers in rural and semi-urban India
▪ Shareholding pattern: ■ Shareholding pattern:
MMFSL – 98.43%; MRHFL Employee Welfare Trust and Employees – 1.57% MMFSL- 98.43%; MRHFL Employee Welfare Trust and Employees — 1.57%
▪ Reach: ■ Reach:
Currently spread in 16 States & 3 Union Territory Currently spread in 16 States & 3 Union Territory
Figures re-grouped and rounded where found relevant Figures re-grouped and rounded where found relevant
42
Mahindra Insurance Brokers Limited Mahindra Insurance Brokers Limited
mahindra FINANCE
Particulars (Rs. In crores) Particulars (Rs. in crores)
Q3FY25
Q3FY24 Q3FY24
9MFY25 9MFY25
9MFY24 9MFY24
Gross Premium Gross Premium
Total income Total income
PBT PBT
PAT PAT
No. of employees (nos.) No. of employees (nos.)
1,361 1,361
349 349
38 38
28 28
614 614
1,144 1,144
3,371 3,371
331 331
59 59
43 43
707 707
i
I
897 897
87 87
62 62
614 614
3,157 3,157
784 784
121 121
89 89
707 707
i
I
Year ended Year ended March -24 March -24
4,556 4,556
1,095 1,095
168 168
124 124
725 725
▪ Business Area: ■ Business Area:
Licensed by IRDAI for undertaking insurance broking in Life, Non-Life and reinsurance businesses Licensed by IRDAI for undertaking insurance broking in Life, Non-Life and reinsurance businesses
▪ Shareholding pattern: ■ Shareholding pattern:
MMFSL – 100%* MMFSL— 100%*
* MIBL became wholly owned subsidiary of the company w.e.f 22nd September 2023. * MIBL became wholly owned subsidiary of the company w.e.f 22nd September 2023.
F25 financial performance of MIBL does not include insurance revenues on MMFSL Business from Jun’24, since MMFSL obtained Corporate Agency License. F25 financial performance of MIBL does not include insurance revenues on MMFSL Business from Jun'24, since MMFSL obtained Corporate Agency License.
43
Mahindra Ideal Finance Limited Mahindra Ideal Finance Limited
mahindra FINANCE
Particulars (in LKR Mn) Particulars (in LKR Mn)
Q3FY25 Q3FY25
Q3FY24 Q3FY24
9. 9MFY25
9MFY24 9MFY24
Loans disbursed Loans disbursed
Loans & Advances (net) Loans & Advances (net)
Total income Total income
PBT* PBT*
PAT PAT
Net-worth Net-worth
Gross Stage 3 % (including Gold loans) Gross Stage 3 % (including Gold loans)
Net Stage 3 % (including Gold loans) Net Stage 3 % (including Gold loans)
7,726 7,726
12,877 12,877
710 710
99 99
32 32
3,009 3,009
2.1% 2.1%
1.5% 1.5%
4,073 4,073
7,225 7,225
569 569
77 77
24 24
i
2,890 2,890
11.9% 11.9%
i
10.1% 10.1%
20,044 20,044
12,877 12,877
1,966 1,966
256 256
77 77
3,009 3,009
2.1% 2.1%
1.5% 1.5%
9,036 9,036
7,225 7,225
1,719 1,719
246 246
79 79
2,890 2,890
11.9% 11.9%
10.1% 10.1%
i
i
i
Year ended Year ended March -24 March -24
13,941 13,941
8,543 8,543
2,309 2,309
334 334
103 103
2,932 2,932
5.3% 5.3%
4.2% 4.2%
▪ Business Area: ■ Business Area:
Provide Gold loans and lease/ loan against vehicles in Sri-Lankan market Provide Gold loans and lease/ loan against vehicles in Sri-Lankan market
▪ Shareholding pattern: ■ Shareholding pattern:
MMFSL holds 58.2% stake. MMFSL holds 58.2% stake.
▪ Reach: ■ Reach:
35 branches across Sri Lanka 35 branches across Sri Lanka
* before VAT and Income Tax * before VAT and Income Tax
Figures re-grouped and rounded where found relevant Figures re-grouped and rounded where found relevant
44
Providing Financial Solutions to Emerging India Providing Financial Solutions to Emerging India
Executive Summary Executive Summary
Financial Information Financial Information
Subsidiary Financials Subsidiary Financials
Company Overview Company Overview
Business Strategy Business Strategy
ESG & CSR ESG & CSR
n
n
n
n
))
mahinclra FINANCE
mahinclm FINANCE
Company Background Company Background
Parentage Parentage
Mahindra & Mahindra Financial Services Limited ("MMFSL") is a subsidiary of Mahindra and Mahindra Limited (M.Cap: Rs 3.52 trillion)* Mahindra & Mahindra Financial Services Limited (“MMFSL”) is a subsidiary of Mahindra and Mahindra Limited (M.Cap: Rs 3.52 trillion)*
About MMFSL About MMFSL
MMFSL (M.Cap: Rs 321 billion)*, one of India's leading non-banking finance companies focused in the rural and semi-urban sector MMFSL (M.Cap: Rs 321 billion)*, one of India’s leading non-banking finance companies focused in the rural and semi-urban sector
Key Business Area Key Business Area
Primarily operates in the business of financing purchase of new and pre-owned auto and utility vehicles, tractors, cars, CV/ CE and SME Financing Primarily operates in the business of financing purchase of new and pre-owned auto and utility vehicles, tractors, cars, CV/ CE and SME Financing
Vision Vision
MMFSL's vision is to be a Leading and responsible financial solutions partner of choice for Emerging India MMFSL’s vision is to be a Leading and responsible financial solutions partner of choice for Emerging India
Reach
Has 1,375 offices covering 27 states and 7 union territories in India, with over 10 million customer contracts since inception Has 1,375 offices covering 27 states and 7 union territories in India, with over 10 million customer contracts since inception
Credit Ratings Credit Ratings
All rating agencies - CRISIL, India Ratings, CARE ad Brickwork has assigned AAA/Stable rating to the Company's long term and subordinated debt All rating agencies – CRISIL, India Ratings, CARE ad Brickwork has assigned AAA/Stable rating to the Company’s long term and subordinated debt
*Source: Market capitalisation as of January 27,2025 from BSE website *Source: Market capitalisation as of January 27,2025 from BSE website
46
MMFSL Group Structure MMFSL Group Structure
mahindra FINANCE
mahindra Mahindra & Mahindra Limited Mahindra & Mahindra Limited
52.16% 52.16%—r
mahindra FINANCE Mahindra & Mahindra Financial Services Limited Mahindra & Mahindra Financial Services Limited
.1
100%(1) l00%(1)
98.43%(2) 98.43%(2)
49% 49%
V
51%(3) 51%(3)
Mahindra Insurance Mahindra Insurance Brokers Limited Brokers Limited ("MIBL") (“MIBL”)
Mahindra Rural Mahindra Rural Housing Finance Housing Finance Limited (“MRHFL”) Limited ("MRHFL")
Mahindra Finance USA Mahindra Finance USA LLC LLC (Joint venture with (Joint venture with Rabobank group subsidiary) Rabobank group subsidiary)
Mahindra Manulife Mahindra Manulife Investment Investment Management Pvt. Ltd Management Pvt. Ltd (“MMIMPL”) ("MMIMPL")
51%(3) 51%(3)
58.2%(4) 58.2%(4)
Mahindra Manulife Mahindra Manulife Trustee Pvt. Ltd Trustee Pvt. Ltd (“MMTPL”) ("MMTPL")
Mahindra Ideal Finance Mahindra Ideal Finance Ltd (“MIFL”), Sri Lanka Ltd ("MIFL"), Sri Lanka
Note: Note:
1. MIBL became wholly owned subsidiary of the company w.e.f 22nd September 2023. 1. MIBL became wholly owned subsidiary of the company w.e.f 22nd September 2023. 2. Balance 1.57% held by MRHFL Employee Welfare Trust and employees 2. Balance 1.57% held by MRHFL Employee Welfare Trust and employees 3. Manulife Investment Management (Singapore) Pte. Ltd. holds 49% of the shareholding of MMIMPL and MMTPL. 3. Manulife Investment Management (Singapore) Pte. Ltd. holds 49% of the shareholding of MMIMPL and MMTPL. 4. MIFL w.e.f. 8th July 2021 is a subsidiary of the Company 4. MIFL w.e.f. 8 th July 2021 is a subsidiary of the Company 5. Mahindra Finance CSR Foundation is a wholly-owned subsidiary of MMFSL w.e.f 2nd April 2019, involved in engaging and promoting CSR projects and CSR activities of the 5. Mahindra Finance CSR Foundation is a wholly-owned subsidiary of MMFSL w.e.f 2nd April 2019, involved in engaging and promoting CSR projects and CSR activities of the
n
47
Company and its group Companies Company and its group Companies
Our Journey Our Journey
r
Equity Equity participation of participation of 12.5%by NHB in 12.5%by NHB in MRHFL MRHFL
Recommenced Recommenced Fixed Deposit Fixed Deposit Program Program
J
4II)
Completed IPO, Completed IPO, Subscribed ~ 27 Subscribed - 27 times times
J
Long term debt Long term debt rating upgraded to rating upgraded to AAA by India AAA by India Ratings and Ratings and Brickwork. Brickwork.
I
CARE Ratings CARE Ratings assigned AAA assigned AAA rating to long term rating to long term debt debt
_}
Maiden Retail Maiden Retail NCD Issue of Rs. NCD Issue of Rs. 1000 crores 1000 crores Oversubscribed Oversubscribed over 7x of base over 7x of base issue size of Rs. issue size of Rs. 250 crores 250 crores
J
QIP Issue of Rs. QIP Issue of Rs. 426 crores 426 crores
JV with Rabobank JV with Rabobank subsidiary for subsidiary for tractor financing in tractor financing in USA USA
_J
mahindra FINP'ut"
Partnered with ( Partnered with Manulife for Mutual Manulife for Mutual Fund business Fund business
Invested in Ideal Invested in Ideal Finance for providing Finance for providing financial services in financial services in Sri Lanka Sri Lanka
J
O
Long term debt Long term debt rating upgraded to rating upgraded to AAA by CRISIL AAA by CRISIL
Crossed 9 million Crossed 9 million cumulative customer cumulative customer contracts contracts
O
Received Corporate Corporate Agency License from Agency Agency License from IRDAI IRDAI
i FY 25
FY 25
FY 06 06
FY 08 FY 08
FY 09 FY 09
FY 10 FY 10
FY 11
11
FY 13 FY 13
FY 15 FY 15
FY 16 FY 16
FY 17
FY 18 FY 18
FY 20 FY 20
FY 21 FY 21
FY 23 FY 23
FY 24 FY 24
./..-
Crossed 1 Crossed 1 million million cumulative cumulative customer customer contracts
contracts -}
( Commenced
Commenced Housing Finance Housing Finance business through business through MRHFL MRHFL
Raised Rs. 414 Raised Rs. 414 crores through crores through Private Equity Private Equity _}
Stake sale in MIBL Stake sale in MIBL to Inclusion to Inclusion Resources Pvt. Ltd. Resources Pvt. Ltd.
QIP Issue of Rs. QIP Issue of Rs. 867 crores 867 crores
J
O
f
Certificate of Certificate of Registration Registration received from received from SEBI by SEBI by Mahindra Mahindra Mutual Fund Mutual Fund
Rights Issue of Rights Issue of Rs. 3,089 crores Rs. 3,089 crores
I
(
Sale of 5% of MIBL Sale of 5% of MIBL at a valuation of Rs. at a valuation of Rs. 1,300 crores 1,300 crores
QIP Issuance : QIP Issuance : Rs. 1,056 crores; Rs. 1,056 crores; Preferential Issue Preferential Issue to M&M : Rs. 1,055 to M&M : Rs. 1,055 crores crores
_}
]
AUM crosses 1 Lakh AUM crosses 1 Lakh z Crore Crore
.1
48
Shareholding Pattern (as on December 31, 2024) Shareholding Pattern (as on December 31, 2024)
mahindra FINANCE
Shareholding Pattern Shareholding Pattern
Top 10 Public Shareholders Top 10 Public Shareholders
6.14% 6.14%
31.16% 31.16%
■ ▪
■ ▪
■ ▪
Life Insurance Corporation of India Life Insurance Corporation of India
HDFC Mutual Fund HDFC Mutual Fund
SBI Mutual Fund SBI Mutual Fund
52.16% 52.16%
■ HDFC Life Insurance Company Limited ▪ HDFC Life Insurance Company Limited
d 10.48% 10.48%
0.06% 0.06%
■ Promoter Promoter
■ Fll FII
■ Non-Institutions Non-Institutions
Esop Trust Esop Trust
Mutual Funds and DIIs Mutual Funds and DIIs
■ ▪
■ ▪
Kotak Mahindra Mutual Fund Kotak Mahindra Mutual Fund
Ashish Dhawan Ashish Dhawan
■ Government Pension Fund Global ▪ Government Pension Fund Global
■ ▪
Bank Muscat India Fund Bank Muscat India Fund
■ Mirae Asset Mutual Fund ▪ Mirae Asset Mutual Fund
■ ▪
SBI Life Insurance Co. LTD SBI Life Insurance Co. LTD
Mahindra & Mahindra Limited holds a stake of 52.16% in the Company Mahindra & Mahindra Limited holds a stake of 52.16% in the Company
49
Extensive Branch Network Extensive Branch Network
• Extensive branch network with presence in 27 states and 7 union ▪ Extensive branch network with presence in 27 states and 7 union territories in India through 1,375 offices territories in India through 1,375 offices
• Branches have authority to approve loans within prescribed ▪ Branches have authority to approve loans within prescribed guidelines guidelines
Branch Network as of Branch Network as of
Coverage (Circle HQ) Coverage (Circle HQ)
21
33
2
26
2
36
17
28
1322 1322
1386 1386
1370 1370
1375 1375
112
165
64
mahindra FINP'"#"
Delhi Delhi
Jaipur Jaipur
Lucknow Lucknow
Thane Thane
Kolkata Kolkata
Chennai Hyderabad Hyderabad Chennai
O
3
44
2
1
000
22
4
8
1182 1182
893 893
547 547
436 436
256 256
Mae06 Mae08 Mani Mae14 Mae17 Mae20 Mae23 Mae24 Dec.24 Mar'06 Mar'08 Mar'11 Mar'14 Mar'17 Mar'20 Mar'23 Mar'24 Dec'24
76
0
140
32 32
69 69
1
116
0 0 CD
63
1
45
52
Cs 0
2
64
00
58
50
35 35
13%
14%
16%
0
1
19%
12%
12%
14%
50 50
Diversified Product Portfolio Diversified Product Portfolio
mahindra FINANCE
0
Vehicle Financing Vehicle Financing Loans for auto and utility vehicles, tractors, cars, Loans for auto and utility vehicles, tractors, cars, commercial vehicles and construction commercial vehicles and construction equipments equipments
Personal Loans Personal Loans Offers personal loans typically for weddings, Offers personal loans typically for weddings, children’s education, medical treatment and children's education, medical treatment and working capital working capital
rd
ED
0 O Housing Finance Housing Finance Loans for buying, renovating, extending and Loans for buying, renovating, extending and improving homes in rural and semi-urban India improving homes in rural and semi-urban India through our subsidiary MRHFL through our subsidiary MRHFL
•
s_ _
%k2 % %
Small Business
111111111
Pre-Owned Vehicles Pre-Owned Vehicles Loans for pre-owned cars, multi-utility vehicles, Loans for pre-owned cars, multi-utility vehicles, tractors and commercial vehicles tractors and commercial vehicles
SME Financing SME Financing Loans for varied purposes like project finance, Loans for varied purposes like project finance, equipment finance and working capital finance equipment finance and working capital finance
Mutual Fund Distribution Mutual Fund Distribution Advises clients on investing money through Advises clients on investing money through AMFI certified professionals AMFI certified professionals
Insurance Distribution Insurance Distribution Insurance solutions to our retail customers Insurance solutions to our retail customers through Corporate Agency License through Corporate Agency License
Mutual Fund & AMC Mutual Fund & AMC Asset Management Company/ Investment Asset Management Company/ Investment Manager to `Mahindra Manulife Mutual Fund', Manager to ‘Mahindra Manulife Mutual Fund’,
Insurance Broking Insurance Broking Insurance solutions to retail customers as well as Insurance solutions to retail customers as well as corporations through our subsidiary MIBL corporations through our subsidiary MIBL
51
Credit Rating Credit Rating
mahindra FINANCE
Long term Issuer Rating; Bank Facility; Non-Convertible Long term Issuer Rating; Bank Facility; Non-Convertible Debenture (incl. MLD) and Subordinated debt; Fixed Deposit Debenture (incl. MLD) and Subordinated debt; Fixed Deposit
Short term Bank Facility & Commercial Paper Short term Bank Facility & Commercial Paper
Long term Bank Facility; Non-Convertible Debenture and Long term Bank Facility; Non-Convertible Debenture and Subordinated debt; Fixed Deposit Subordinated debt; Fixed Deposit
Short term Bank Facility & Commercial Paper Short term Bank Facility & Commercial Paper
Long term Non-Convertible Debenture and Subordinated debt Long term Non-Convertible Debenture and Subordinated debt
Long term Subordinated debt Long term Subordinated debt
i ]
] ]
India Ratings India Ratings
Outlook Outlookillj
IND AAA IND AAA IND PP-MLD AAA IND PP-MLD AAA
INDA1+ IND A1+
CRISIL CRISIL
iil
l
CRISIL AAA CRISIL AAA
CRISIL A1+ CRISIL A1+
CARE Ratings CARE Ratings
CARE AAA CARE AAA
Brickwork Brickwork
BWR AAA BWR AAA
Stable Stable
-
Outlook „Il Outlook
Stable Stable
-
Outlook Outlictlill
Stable Stable
Out oo Outlook
Stable Stable
Our strong credit rating and brand equity enables us to borrow funds at competitive rates Our strong credit rating and brand equity enables us to borrow funds at competitive rates
52
Providing Financial Solutions to Emerging India Providing Financial Solutions to Emerging India
Executive Summary Executive Summary
Financial Information Financial Information
Subsidiary Financials Subsidiary Financials
Company Overview Company Overview
Business Strategy Business Strategy
n
n
n
n
A.
ESG & CSR ESG & CSR
))
mahinclra FINANCE
Vision Vision
“Leading and Responsible Financial Solutions Partner of Choice for Emerging India” Leading and Responsible Financial Solutions Partner of Choice for Emerging India"
Our DNA Our DNA
Our Mantra Our Mant
mahindra FINANCE
c)
1,350+ Branches 1,350 + Branches
10+ OEMs 10+ OEMs
100K Cr AUM – FY’24 01,,r 100K Cr AUM-FY'24
6,000+ Dealers 6,000+ Dealers
(Pm 10M+
10M+ Customers Customers
e l a c S
r e m § o t s u C A
Bharat ke PAAS Bharat ke PAAS
Accessible I
Accessible
Bharat ke SAATH Bharat ke SAATH
Right Offering Right Offering
Timely!' Timely
Trust Trust
Customer Offerings > Customer Offerings
"Cr04:-.1
Wheels Wheels
MSME MSME
LAP/HL LAP/HL
II
PL PL
Insurance Insurance
FD FD
Mutual Fund Mutual Fund
54 54
Building core capabilities to deliver commitments Building core capabilities to deliver commitments
mahindra FINANCE
Asset Quality Asset Quality
Growth & Growth & Diversification Diversification
Profitability Profitability
(
Tech & Digital Tech & Digital
Human Capital Human Capital
Resilient Org. Resilient Org.
Risk Risk Scorecards Scorecards
O FCU FCU
Wheels Wheels 4 Product MS Product MS g Dealer + Aggregator Dealer + Aggregator
Augment Yield Augment Yield
Core Tech stack Core Tech stack
Future ready Future ready
0 Used / Tractor / Used / Tractor / Insurance Agency Insurance Agency
SME LOS & LMS SME LOS & LMS 0 Wheels LOS LMS Wheels LOS LMS
Upskilling Upskilling
Org Structure Org Structure 4 Branch Branch g CPC CPC
Underwriting Underwriting
0 BRE BRE P Bureau Engagement Bureau Engagement
New Products New Products 0 MSME, Mortgages, MSME, Mortgages, Leasing Leasing
COF COF
Leading Apps Leading Apps
Culture Culture
PSL borrowing/ PSL borrowing / funding mix funding mix
O Collection App Collection App 0 FOS FOS 0 Customer App Customer App
O Process + Process + Performance Performance
Control Strength Control Strength • G RC Strengthening GRC Strengthening • EWS EWS
Collections Collections
Partnerships Partnerships
Cost management Cost management
Superior CX Superior CX
Leadership Leadership
O Collections Tech Collections Tech
O 7 Partners ... SBI, 7 Partners … SBI, BOB, Ugro etc. BOB, Ugro etc.
O Project Unnati Project Unnati O CPC (India roll out) CPC (India roll out)
0 Al/ML based models AI/ML based models 0 Phygital journeys Phygital journeys
CBO- Mortgage/ CBO- Mortgage/ Leasing, CRO, CCO Leasing, CRO, CCO
Live O Live
Work in Process 0 Work in Process
55 55
Providing Financial Solutions to Emerging India Providing Financial Solutions to Emerging India
Executive Summary Executive Summary
Financial Information Financial Information
Subsidiary Financials Subsidiary Financials
Company Overview Company Overview
Business Strategy Business Strategy
ESG & CSR ESG & CSR
n
n
n
n
n
1A
mahindra FINANCE
“Dhan Samvaad” - CSR Flagship Program "Dhan Samvaad" - CSR Flagship Program
mahindra FINANCE
1,00,000 1,00,000
40%* 40%*
Individuals Trained Individuals Trained till Jan ‘25 till Jan '25
Linked to Government Social Linked to Government Social schemes & Digi Locker schemes & Digi Locker
1.8 lakh 1.8 lakh
Targeted by FY‘25 Targeted by FY'25
o Launched Dhan Samvaad for “Financial & Digital Literacy”, to impact 1 Mn individuals by 2030 o Launched Dhan Samvaad for "Financial & Digital Literacy", to impact 1 Mn individuals by 2030
o To train underprivileged communities on financial planning, importance of saving, investment, insurance, online banking, safeguard from digital frauds, o To train underprivileged communities on financial planning, importance of saving, investment, insurance, online banking, safeguard from digital frauds,
borrow responsibly and enroll them for DigiLocker app & various social welfare schemes. borrow responsibly and enroll them for DigiLocker app & various social welfare schemes.
MP
kr-en erne(
•, --
•
PEN
r I
▪
a S
57 57
*40% of Trained Individuals *40% of Trained Individuals
Yagela, Gujarat, India
CSR Impact CSR Impact
mahindra FINANCE
>14,630 >14,630
36,000 36,000
3000+ 3000+
500 500
Girls assisted for elementary Girls assisted for elementary education - Nanhi Kali Program education - Nanhi Kali Program
Women Skilled through Mahindra Women Skilled through Mahindra Pride program Pride program
underprivileged students assisted underprivileged students assisted with educational scholarship with educational scholarship
women to be trained in driving women to be trained in driving E-Rickshaw & securing licenses E-Rickshaw & securing licenses
Rabbi
711114r ,
"‘ Var -
"frt
NCI
4
o Potential created for ~2.15 Crores of water through 10 Rain-Water Harvesting Structures in Shahapur a drought prone area in Maharashtra o Potential created for - 2.15 Crores of water through 10 Rain-Water Harvesting Structures in Shahapur a drought prone area in Maharashtra
o > 77,000 trees planted to improve agricultural productivity of farmers through agroforestry practices o > 77,000 trees planted to improve agricultural productivity of farmers through agroforestry practices
58
CSR Awards CSR Awards
mahindra FINANCE
ma, llindFa FINANCE
mallindra FINANCE
mahinclra FINANCE
Mahindra Finance
• 011.1...... shines bright at the prestigious
Distinguished NBFC Award 2024 (DNA)
Mahindra Finance has been honoured with the CSR Project of the Year Award 2023-24 for its flagship program "Swabhimaan" at the India CSR Summit & Awards
PROUD MOMENT FOR MAHINDRA FINANCE AT THE ACEF ASIAN BUSINESS LEADERS AWARD
Financial Services
Category: Best MP Initiative
Bast Financial inclusion Initiative
•
A
D - c -.:"..67P
Leadership Sum
cc`
AW
Tr-
N
M.
F
E
er
CON
E C
WAR
ftJ
"Swabhimaan" initiative honoured with "Swabhimaan" initiative honoured with the CSR Project of the Year Award at the CSR Project of the Year Award at India CSR Summit & Awards 2023-24 India CSR Summit & Awards 2023-24
k
AWARD FOR Education and Skills Development a
_
BRONZE AWARD FOR Environmental Sustainability
•
I I
—WINNER—
(
Best CSR Initiative
N4
.4.‘•
f Best
Financial Inclusion Initiative
Honoured with “Best CSR Initiative & Best Honoured with "Best CSR Initiative & Best Financial Inclusion Initiative" awards at the Financial Inclusion Initiative" awards at the prestigious DNA Awards 2024 prestigious DNA Awards 2024
Won Gold Award for Education & Skills Won Gold Award for Education & Skills Development Won Bronze Award for Development Won Bronze Award for Environmental Sustainability by ACEF Asian Environmental Sustainability by ACEF Asian Business Leaders Award 2024 Business Leaders Award 2024
59
Providing Financial Solutions to Emerging India Providing Financial Solutions to Emerging India
Thank You Thank You
mahindra FINANCE