M&MFINNSE22 April 2025

Mahindra & Mahindra Financial Services Limited has informed the Exchange about Investor Presentation

Mahindra & Mahindra Financial Services Limited

22nd April 2025

To, BSE Limited, (Scrip Code: 532720) Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai - 400 001

National Stock Exchange of India Ltd., (Symbol: M&MFIN) Exchange Plaza, 5th Floor, Plot No. C/1, “G” Block, Bandra - Kurla Complex, Bandra (East), Mumbai – 400 051

Dear Sir/ Madam,

Sub: Earnings Presentation for the fourth quarter and financial year ended 31st March 2025 - Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”)

Ref: Our letter dated 15th April 2025 intimating about earnings conference call

In compliance with Regulation 30, Schedule III, Part A, Para A (15)(a) and other applicable provisions of the Listing Regulations, please find enclosed herewith an Earnings Presentation, to be made at earnings conference audio call scheduled to be held today i.e., Tuesday, 22nd April 2025 at 6.00 p.m. (IST) encompassing, inter-alia, an overview of the Audited Standalone and Consolidated Financial Results of the Company for the fourth quarter and financial year ended 31st March 2025, highlights of the quarter and business overview. Please note that no Unpublished Price Sensitive Information would be shared by the Company during the said earnings conference call.

In compliance with Regulation 46(2)(o) of the Listing Regulations, the enclosed earnings presentation is also being uploaded on the Company’s website viz. https://www.mahindrafinance.com/investor- relations/financial-information#investor-presentation

Kindly take the same on record.

Thanking you,

For Mahindra & Mahindra Financial Services Limited

Brijbala Batwal Company Secretary FCS No.: 5220

Mahindra & Mahindra Financial Services Limited

Result Update Quarter ended Mar’25 (Q4FY25)

Regd. Office: Gateway Building, Apollo Bunder, Mumbai-400 001, India Tel: +91 22 6897 5500 Fax:+91 22 2287 5485 www.mahindrafinance.com CIN - L65921MH1991PLC059642

Corporate Office: Mahindra Towers, 3rd Floor, Dr. G. M. Bhosale Marg, Worli, Mumbai-400 018, India Tel: +91 22 6652 6000 Email: investorhelpline_mmfsl@mahindra.com

Safe Harbor

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 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 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 ability to implement the strategy. The Company does not undertake to update these statements.

Providing Financial Solutions to Emerging India

Executive Summary

Financial Information

Subsidiary Financials

Company Overview

ESG & CSR

Key Highlights

Disbursements

Rs 15,530 crores v/s Rs 15,292 crores YoY 2%

Rs 57,900 crores v/s Rs 56,208 crores YoY 3%

Q4FY25

FY25

AUM

Rs. 119,673 crores v/s Rs. 102,597 crores YoY 17%

Asset Quality#

10.0

4.3

4.0

8.4

3.4

9.7

3.6

10.2

3.8

3.9

9.1

3.7

GS2 + GS3

GS3

Q2FY24

Q3FY24

Q4FY24

Q1FY25

Q2FY25

Q3FY25

Q4FY25

21.9

7.7

FY22

10.4

4.5

FY23

8.4

3.4

FY24

9.1

GS2 + GS3

3.7

GS3

FY25

End losses & Credit Costs*

351

449

602

322

296

444

498

End losses (Rs. Crores)

Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25

2.4

1.2

1.5

2.3

0.0

1.4

Credit Costs (%)*

2,513

FY22

3.1

2,213

FY23

1.2

1,715

FY24

1.7

1,559

FY25

1.3

End losses (Rs. Crores)

Credit Costs (%)*

NIM Margins*

6.5% v/s 7.1% YoY 

6.5% v/s 6.8% YoY 

PAT

Rs 563 crores v/s Rs 619 crores YoY 9% 

Rs 2,345 crores v/s Rs 1,760 crores YoY 33% 

# % of Business Assets under management * % of Avg. Total Assets

Operating excellence

Tractors leadership: FY25 disbursement ↑ 8% YOY

Corporate agency license: Partnered with 10 insurance companies

FY25 SME loan disbursals up 48% YoY

Udaan: Digital onboarding and collections

Non-cash collection increased to 77%

Tech Resilience; cloud migration for major applications

FY23 – FY25 disbursements ↑ 17%, with flat headcount

Business Today award - Best in Talent & Workforce

5 5

Key Business Indicators Q4FY25 vs Q4FY24

Disbursements

Business AUM

17%

Total Income

15%

Figs. In Rs. Cr

Growth %

NIM

15,292

15,530

1,02,597

1,19,673

3,706

4,245

1,971

2,156

Q4FY24

Q4FY25

Q4FY24

Q4FY25

Q4FY24 13.3%

Q4FY25 12.9%

Q4FY24 7.1%

Q4FY25 6.5%

Total Opex

18%

943

798

PPOP

Credit Cost

34%

PAT

(9%)

1,173

1,213

341

457

619

563

Q4FY24 2.9%

Q4FY25 2.9%

% of Avg. Total Assets

Q4FY24 4.2%

Q4FY25 3.7%

Q4FY24 1.2%

Q4FY25 1.4%

Q4FY24 2.2%

Q4FY25 1.7%

Key Business Indicators FY25 vs FY24

Disbursements

Business AUM

17%

Total Income

19%

56,208

57,900

1,02,597

1,19,673

13,562

16,075

7,135

Figs. In Rs. Cr

Growth %

NIM

15%

8,176

FY24

FY25

FY24

FY25

FY24 12.8%

FY25 12.8%

FY24 6.8%

FY25 6.5%

Total Opex

15%

2,957

3,411

FY24 2.8%

FY25 2.7%

% of Avg. Total Assets

PPOP

14%

Credit Cost

(11%)

PAT

33%

2,345

4,178

4,765

1,823

1,618

1,760

FY24 4.0%

FY25 3.8%

FY24 1.7%

FY25 1.3%

FY24 1.7%

FY25 1.9%

7 7

Overall Disbursements

Product Wise

Q4 FY25

Q4 FY24

YoY

FY25

FY24

YoY

Tractor

CV & CE

1,248

6,021

1,122

5,915

3,652

3,648

3-Wheeler

594

625

Pre-Owned Vehicle

2,612

2,921

SME

Others*

Total

1,001

401

770

292

15,530

15,292

11%

(5%)

(11%)

30%

37%

5,871

5,443

23,527

22,920

12,290

12,512

2,445

2,496

9,468

9,745

(2%)

(3%)

3,010

2,029

48%

1,288

1,063

57,900

56,208

21%

* Others include Farm Implements, Gensets, Personal and Consumer Loans

8 8

Spread & RoA Tree

Particulars

Q4FY25

Q3FY25

Q4FY24

Total Income / Average Assets

- Loan Income

- Fee, Investment & Other Income

Interest cost / Average Assets

Gross Spread

Overheads / Average Assets

End Losses & provisions / Average Assets

- End Losses

- Provisions

Net Spread before Tax

Net Spread after Tax

12.9%

11.6%

1.3%

6.3%

6.5%

2.9%

1.4%

1.5%

(0.1%)

2.3%

1.7%

13.1%

11.9%

1.1%

6.4%

6.6%

2.8%

0.0%

1.4%

(1.4%)

3.8%

2.8%

13.3%

12.1%

1.2%

6.2%

7.1%

2.9%

1.2%

2.2%

(0.9%)

3.0%

2.2%

FY25

12.8%

11.7%

1.1%

6.3%

6.5%

2.7%

1.3%

1.2%

0.0%

2.5%

1.9%

on standalone basis

FY24

12.8%

11.8%

1.1%

6.1%

6.8%

2.8%

1.7%

1.6%

0.1%

2.2%

1.7%

Average Assets is computed based on Net Total Assets i.e., Total Assets less ECL Provisions

GS3: Within range

GS3 – 4 yrs Trendline

GS3: Additions in Q4 FY25

Figs. In Rs. Cr

7.66%

4.49%

3.40%

3.69%

4,525

(3.9%)

(111)

4,414

(3.7%)

4,976

3,717

3,491

4,414

Mar-22

Mar-23

Mar-24

Mar-25

Q3FY25

Additions

Q4FY25

Credit Cost

341

602

(260)

End Losses Provisions

457

498

(40)

Q4FY24

Q4FY25

1,823

1,715

108

FY24

1,618

1,559

FY25

1010

(GS-3 %)

Provision

End losses

Credit Cost: Consistent decline in end losses

FY22

FY23

FY24

FY25

Particulars

Q4 FY24

Q4 FY25

on standalone basis

Particulars

GS-3

Credit Cost

Provision

7.7%

4.5%

3.4%

3.1%

1.2%

(0.2%)

(1.4%)

Credit Cost

Provision

End Losses

End Losses (Rs Cr)

1.2%

(0.9%)

2.2%

602

1.4%

(0.1%)

1.5%

498

3.7%

1.3%

0.0%

1.2%

1,559

1.7%

0.1%

108

1.6%

1,715

Provision (Rs Cr)

(145)

(1,214)

End Losses

3.3%

2.6%

End Losses (Rs Cr)

2,513

2,213

Credit Cost*

Commitment vs Actual (FY25)

3.4%

2.1%

1.5%

2.4%

2.3%

1.0%

1.2%

0.7%

0.0%

1.4%

1.2% 0.0%

Parameter

Target

Actual

GS2 + GS3

<10%

Credit Cost*

1.3 – 1.5%

9.1%

1.3%

* % of Avg. Total Assets

FY23

FY24

FY25

11 11

Progress on Mission - 2025 Aspirations

What we said (Apr’22)

FY’25

GS3 < 6.0% NIM - 7.5%

Stable Asset Quality

Growth

2X AUM

Strengthened Operations

 Upgrade Talent  Tech & data  Opex <2.5%  GRC*

Diversification

New Biz: 15%

Where we are

FY’25

GS3: 3.7% Credit Cost: 1.3% NIM: 6.5 %

1.8X

 Complete  Accelerate  Opex: 2.7%  Progress

New Biz: 6%

Profitability (ROA)

* GRC – Governance, Risk & Compliance

ROA: 2.5%

ROA: 1.9%

Going forward: Priorities

Defend and grow wheels leadership

Steady progress on growth and margins

Sustain risk levels (asset quality, credit costs)

Grow SME, leasing, and fee income (insurance)

Turnaround MRHFL & then grow affordable housing

Continue to build a resilient operating model

Efficiency gains – Sales, underwriting, collections

Data, Digital, AI in Business and Controls

Achieve stronger RoA and RoE outcomes

Providing Financial Solutions to Emerging India

Executive Summary

Financial Information - Standalone

Subsidiary Financials

Company Overview

ESG & CSR

Key Financials

on standalone basis

Disbursement

Total Income

Profit after Tax

Q4 FY25

Rs. 15,530 crores

Rs. 4,245 crores

Rs. 563 crores

Q4 FY24

FY25

FY24

15%

Rs. 15,292 crores

Rs. 3,706 crores

Rs. 619 crores

Rs. 57,900 crores

Rs. 16,075 crores

Rs.2,345 crores

19%

33%

Rs. 56,208 crores

Rs. 13,562 crores

Rs. 1,760 crores

Distribution of Disbursements

on standalone basis

Asset Class (Rs. in Crores)

Q4 FY25

Q4 FY24

Y-o-Y

FY25

FY24

Y-o-Y

Passenger vehicles

6,021 (39%)

5,915 (39%)

Commercial vehicles and construction equipments

3,652 (24%)

3,648 (24%)

23,527 (41%)

22,920 (41%)

12,290 (21%)

12,512 (22%)

-2%

Pre-owned vehicles

2,612 (17%)

2,921 (19%)

-11%

9,468 (16%)

9,745 (17%)

-3%

Tractors

3 Wheelers

SME

Others*

Total

1,248 (8%)

1,122 (7%)

11%

5,871 (10%)

5,443 (10%)

594 (4%)

625 (4%)

-5%

2,445 (4%)

2,496 (4%)

-2%

1,001 (6%)

770 (5%)

30%

3,010 (5%)

2,029 (4%)

48%

401 (3%)

292 (2%)

37%

1,288 (2%)

1,063 (2%)

21%

15,530 (100%)

15,292 (100%)

57,900 (100%)

56,208 (100%)

* Others include Farm Implements, Gensets, Personal and Consumer Loans Figures re-grouped and rounded where found relevant

Break down of Business Assets

on Standalone Basis

Asset Class

Passenger vehicles

Commercial vehicles and construction equipments

Pre-owned vehicles

Tractors

SME

3 Wheelers

Others*

FY25

40%

22%

13%

11%

Contribution of M&M assets in Business Assets

44%

FY24

39%

23%

13%

11%

44%

FY23

37%

23%

13%

14%

44%

* Others include Trade Advances, Personal and Consumer Loans, Finance Lease Receivables, Implements etc. Figures re-grouped and rounded where found relevant

Distribution by Geography

Circle HQ

Delhi

Jaipur

on standalone basis

Disbursement*

Business Assets

Q4 FY25

Q4 FY24

Q4 FY25

Q4 FY24

14.6%

15.7%

Lucknow

17.7%

Thane

18.5%

Chennai

11.9%

Hyderabad

12.8%

Kolkata

8.9%

13.8%

15.3%

17.3%

17.2%

12.7%

11.0%

13.8%

13.1%

14.8%

14.0%

17.7%

19.0%

18.8%

12.0%

12.4%

10.3%

12.0%

12.7%

11.6%

* Prepared on Finance Amount

DELHI: Chandigarh, Delhi, Haryana, Himachal Pradesh, Jammu & Kashmir, Ladakh, Punjab, Uttarakhand JAIPUR: Rajasthan, Gujarat, Dadra & Nagar Haveli LUCKNOW: Uttar Pradesh, Bihar THANE: Maharashtra, Goa, Madhya Pradesh CHENNAI: Andaman & Nicobar Island, Karnataka, Kerala, Puducherry, Tamil Nadu HYDERABAD: Andhra Pradesh, Telangana, Orissa, Chhattisgarh 18 KOLKATA: Arunachal Pradesh, Assam, Meghalaya, Mizoram, Manipur, Sikkim, Tripura, West Bengal, Jharkhand

Disbursements → Steady YoY

Historical Disbursements (Rs. in crores)

on standalone basis

FY 2025

FY 2024

FY 2023

Collection Efficiency^

FY 2025

FY 2024

FY 2023

12,741 (5% yoy)

13,162 (-1% yoy)

16,467 (7% yoy)

12,165

13,315

15,436

15,530 (2% yoy)

15,292

57,900 (3% yoy)

56,208

9,472

11,824

14,467

13,778

49,541

94%

96%

97%

95%

97%

98%

99%

95%

96%

^ Computed as (Current month demand collected + Overdues collected)/(Current month demand due for the month) without considering restructured contracts

Asset Quality → Overall Range-Bound

on standalone basis

7.7%

Gross Stage-3

Net Stage-3

14.3%

4.5%

3.4%

3.7%

1.9%

1.3%

1.8%

6.0%

5.0%

5.4%

FY22

FY23

FY24

FY25

FY22

FY23

FY24

FY25

Gross & Net Stage - 3

Gross Stage - 2

Balance Sheet → Adequately Capitalized

Capital Adequacy

Gross Stage-3

Stage 3 - Coverage Ratio

22.5%

4.5%

3.9%

3.7%

3.4%

63.2%

59.5%

18.9%

18.3%

17.8%

(19.9%)

(16.4%)

(15.1%)

(15.2%)

50.1%

51.2%

Mar-23

Mar-24

Dec-24

Mar-25

Mar-23

Mar-24

Dec-24

Mar-25

Mar-23

Mar-24

Dec-24

Mar-25

(Tier I- %)

Adequately capitalized

Asset quality under control

Prudent

Growth Trajectory

Loan Book (1) (Rs. crores)

Revenues (Rs. crores)

17%

1,16,214

99,195

79,455

60,445

9,719

11,056

19%

16,075

13,562

on standalone basis

FY22

FY23

FY24

FY25

FY22

FY23

FY24

FY25

Pre-Provisioning Operating Profit (Rs. crores)

3,725

3,752

14%

4,765

4,178

Profit after Tax (2) (Rs. crores)

1,984

33%

1,760

2,345

989

FY22

FY23

FY24

FY25

FY22

FY23

FY24

FY25

Note : (1) Loan Book net of provisions.

(2) PAT post exceptional items.

Financial Performance

on standalone basis

Cost to income ratio (1) (%)

Return on Assets (ROA) (2) (%)

42.1%

41.4%

41.7%

2.3%

35.8%

1.3%

1.7%

1.9%

FY22

FY23

FY24

FY25

FY22

FY23

FY24

FY25

Return on Net Worth (RONW) (2) (%)

Asset Quality (%)

12.1%

12.4%

10.0%

6.5%

FY22

FY23

FY24

FY25

7.7%

Gross Stage-3

Net Stage-3

4.5%

3.4%

3.7%

1.9%

1.3%

1.8%

FY22

58.1%

FY23

59.5%

FY24

63.2%

FY25

51.2%

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). (2) Annualised - Calculated based on average total assets/ average networth

Standalone Profit & Loss Account

Particulars (Rs. in crores)

Q4FY25

Q3FY25

Q-o-Q

Q4FY24

Y-o-Y

FY25

Revenue from operations (A)

Less: Finance cost (B)

NII (C= A-B)

Other Income (D)

Total Income (E=C+D)

Employee benefits expense (F)

Other expenses (G)

Depreciation and amortization (H)

Total Expenses (I=F+G+H)

Pre-Provisioning Operating Profit (J=E-I)

Provisions and write-offs (K)

Profit before Exceptional items (L=J-K)

Exceptional Items (M)

Profit before Tax (N=L+M)

Tax expense (O)

Net Profit after Taxes (P=N-O)

Figures re-grouped and rounded where found relevant

4,241

2,090

2,151

2,156

498

372

943

1,213

457

756

193

563

4,143

2,046

2,097

2,099

489

317

877

1,222

1,213

313

899

17%

(1%)

(38%)

(39%)

(37%)

3,654

1,735

1,919

1,971

424

313

798

1,173

341

832

213

619

16%

20%

12%

17%

19%

20%

18%

34%

(9%)

16,019

7,898

8,121

8,176

1,903

1,235

273

3,411

4,765

1,618

3,147

802

2,345

Standalone Profit & Loss Account

Particulars (Rs. in crores)

Revenue from operations (A)

Less: Finance cost (B)

NII (C= A-B)

Other Income (D)

Total Income (E=C+D)

Employee benefits expense (F)

Other expenses (G)

Depreciation and amortization (H)

Total Expenses (I=F+G+H)

Pre-Provisioning Operating Profit (J=E-I)

Provisions and write-offs (K)

Profit before Exceptional items (L=J-K)

Exceptional Items (M)

Profit before Tax (N=L+M)

Tax expense (O)

Net Profit after Taxes (P=N-O)

Figures re-grouped and rounded where found relevant

FY25

FY24

Y-o-Y

FY23

16,019

7,898

8,121

8,176

1,903

1,235

273

3,411

4,765

1,618

3,147

802

2,345

13,407

6,427

6,980

155

7,135

1,713

1,016

229

2,957

4,178

1,823

2,355

596

1,760

19%

23%

16%

(64%)

15%

11%

22%

20%

15%

14%

(11%)

34%

35%

33%

10,933

4,577

6,356

123

6,479

1,584

956

187

2,728

3,752

999

2,753

(55)

2,698

714

1,984

Standalone Balance Sheet

Particulars (Rs. in crores)

As on Mar 31, 2025

As on Mar 31, 2024

As on Mar 31, 2023

ASSETS

Financial Asset

a) Cash and cash equivalents

b) Bank balance other than (a) above

c) Derivative financial instruments

d) Trade Receivables

e) Loans

f) Investments

g) Other Financial Assets

Financial Asset

Non-Financial Asset

a) Current tax assets (Net)

b) Deferred tax assets (Net)

c) Property, plant and equipment

d) Intangible assets

e) Other non-financial assets

Non-Financial Assets

Total Assets

Figures re-grouped and rounded where found relevant

1,667

3,869

1,16,214

10,400

248

1,32,482

602

641

877

238

709

3,066

1,35,548

311

2,956

99,195

9,651

229

1,12,367

610

691

811

120

561

2,793

1,15,159

250

3,954

79,455

9,989

217

93,887

504

637

681

493

2,330

96,217

Standalone Balance Sheet (Contd.)

Particulars (Rs. in crores)

LIABILITIES AND EQUITY

Financial Liabilities

a) Derivative financial instruments b) Payables

i) Trade payables ii) Other payables

c) Debt Securities d) Borrowings (Other than Debt Securities) e) Deposits f) Subordinated Liabilities g) Other financial liabilities Financial Liabilities Non-Financial liabilities a) Current tax liabilities (Net) b) Provisions c) Other non-financial liabilities Non-Financial Liabilities Equity a) Equity Share capital b) Other Equity Equity Total Equities and Liabilities

Figures re-grouped and rounded where found relevant

As on Mar 31, 2025

As on Mar 31, 2024

As on Mar 31, 2023

390

1,209 20 26,205 69,735 11,404 5,530 791 1,15,283

70 217 166 453

247 19,565 19,812 1,35,548

335

1,459 65 27,697 54,467 7,544 4,270 688 96,527

119 205 151 475

247 17,911 18,157 1,15,159

181

1,127 40 25,728 41,368 5,874 3,705 654 78,677

66 261 124 450

247 16,842 17,089 96,217

Summary & Key Ratios

Particulars

RONW (Avg. Net Worth) - annualised

Debt / Equity

Capital Adequacy

Tier I

Tier II

EPS (Basic) (Rs.)*

Book Value (Rs.)

Dividend %

No. of employees

FY25

12.4%

5.70:1

18.3%

15.2%

3.1%

18.99

160.4

325%

on standalone basis

FY23

12.1%

4.49:1

22.5%

19.9%

2.6%

16.09

138.3

300%

FY24

10.0%

5.18:1

18.9%

16.4%

2.5%

14.26

147.0

315%

25,261

26,662

26,329

Figures restated where found relevant

Stage 3 - Analysis

on standalone basis

Particulars (Rs. in crores) except figures in %

Mar 31, 2025

Dec 31, 2024

Mar 31, 2024

Mar 31, 2023

Business Assets (including Provisions)

1,19,673

1,15,126

1,02,597

82,770

Gross Stage 3

Less: Stage 3 ECL Provisions

Net Stage 3

Gross Stage 3 as % of Business Assets

Net Stage 3 as % of Business Assets

Coverage Ratio (%) – based on Stage 3 ECL

Stage 1 & 2 provision to Business Assets (%)

Coverage Ratio (%) – including Stage 1 & 2 provision

4,414

2,258

2,156

3.69%

1.84%

51.2%

1.0%

78.4%

4,525

2,267

2,258

3.93%

2.00%

50.1%

1.1%

77.3%

3,491

2,205

1,286

3.40%

1.28%

63.2%

1.2%

97.4%

3,717

2,210

1,507

4.49%

1.87%

59.5%

1.3%

88.6%

Figures restated, re-grouped and rounded where found relevant

Credit Charge

on standalone basis

Particulars (Rs. in crores)

Q4FY25

Q3FY25

Q4FY24

FY25

FY24

Stage-1 Provisions

Stage-2 Provisions

Stage-3 Provisions

Provisions – P&L Charge

(56)

(9)

(40)

(31)

(107)

(296)

(434)

(66)

(218)*

(260)

(7)

(5)*

108

FY23

117

(651)

(680)

(1,214)

Write-Offs

498

444

602

1,559

1,715

2,213

Total

457

341

1,618

1,823

999

* Stage 3 Provisions include one time impact of Rs. 136 crores pertaining to the fraud at its branch in Mizoram

Figures re-grouped and rounded where found relevant

Stage Wise Provisioning

Stage-Wise Assets and Provisioning

on standalone basis

As on 31st Mar 2025

As on 31st Dec 2024

As on 31st Mar 2024

Rs. in crores

Business Assets (Amount and %)

Provisions & Coverage

Business Assets (Amount and %)

Provisions & Coverage

Business Assets (Amount and %)

Provisions & Coverage

Stage - 1 Assets

1,08,747

90.9%

598

0.6%

1,03,368

89.8%

571

0.6%

93,946

91.6%

Stage - 2 Assets

6,512

5.4%

602

9.3%

7,234

6.3%

658

9.1%

5,160

5.0%

606

590

0.6%

11.4%

Stage - 3 Assets

4,414

3.7%

2,258

51.2%

4,525

3.9%

2,267

50.1%

3,491

3.4%

2,205

63.2%

Total

1,19,673

3,459

2.9% 1,15,126

3,496

3.0% 1,02,597

3,401

3.3%

Comparison of IRACP and IND-AS Provisioning requirement

Rs. in crores

Stage 1 and Stage 2

Stage 3

Total

IRACP (A)*

IND-AS (B)

Difference (B-A)

452

1,506

1,958

1,201

2,258

3,459

749

752

1,501

*GNPA as per IRACP norm is Rs 6,176 cr v/s stage 3 assets as per IND-AS norm of Rs 4,414 cr Figures re-grouped and rounded where found relevant

Broad Based Liability Mix

on standalone basis

Funding Mix by Investor Category

Funding Mix by type of Instrument

Investor Type

Banks / Financial Institutions

Mar’25

Dec’ 24 Mar’24

Amount % Share % Share % Share

Instrument Type

Mar’25

Dec’ 24 Mar’24

Amount % Share % Share % Share

70,409

63.4%

60.0%

59.0%

NCDs

25,067

22.6%

23.4%

26.7%

Mutual Funds

4,374

3.9%

7.6%

7.0%

Retail NCDs

3,230

2.9%

3.1%

5.1%

Bank / FI Loans

52,904

47.6%

48.3%

40.3%

Insurance & Pension Funds

16,131

14.5%

14.8%

16.9%

Offshore Borrowings

7,037

6.3%

3.4%

4.1%

FIIs & Corporates

11,611

10.5%

10.6%

7.9%

Fixed Deposits

10,926

9.8%

9.2%

7.4%

CP, ICD, TREPS

3,202

2.9%

6.2%

7.5%

Others

Total

8,563

7.7%

7.0%

9.2%

Securitisation/ Assignment

8,721

7.9%

6.4%

8.9%

1,11,088

100.0%

100%

Total

1,11,088

100%

41% of the overall borrowing is at floating rate as of Mar’25 ^ Based on holding as at respective period ends

Computed based on FV/ Principal value

All figures in INR crores

ALM Position and Liability Maturity

Cumulative Inflow

Cumulative Outflow

Cumulative Mismatch%

1,12,604

99,010

All figures in Rs. crores

1,31,639

280%

1,12,448

240%

25,370

16,439

36,654

24,198

56,413

45,766

13,920

8,492

19,402

11,717

Upto 1 Month

Upto 2 Month

Upto 3 Month

Upto 6 Month

Upto 1 Year

Upto 3 Year

Upto 5 Year

1,40,000

1,20,000

1,00,000

80,000

60,000

40,000

20,000

200%

160%

120%

80%

40%

Next 6 months

Liability Maturity^

Apr-25

May-25

Jun-25

Q1 FY26

Jul-25

Aug-25

Sep-25

Q2 FY26

Bank Loans

1,057

1,786

2,278

5,121

719

1,149

3,443

5,311

10,085

Market Instruments (NCD/ CP etc.)

2,900

750

1,646

5,296

300

Others (FD/ ICD)

961

148

223

1,332

283

291

760

398

1,110

2,340

971

1,717

Total

4,918

2,684

4,148

11,749

1,302

1,490

4,600

7,392

14,142

Based on provisional ALM as on Mar 31, 2025

^ excl. Securitisation and as on Mar 31, 2025

In addition to undrawn sanctioned lines, the Company held Cash/ Liquid investments of ~ INR 10,400 crores

Providing Financial Solutions to Emerging India

Executive Summary

Financial Information - Consolidated

Subsidiary Financials

Company Overview

ESG & CSR

Key Financials

Disbursement

Total Income

Profit after Tax

on consolidated basis

Q4 FY25

Q4 FY24

FY25

FY24

Rs. 16,328 crores

Rs. 4,897 crores

Rs. 456 crores

13%

32%

Rs. 16,174 crores

Rs. 4,333 crores

Rs. 671 crores

Rs. 60,741 crores

Rs. 18,530 crores

Rs. 2,261 crores

16%

Rs. 58,647 crores

Rs. 15,970 crores

Rs. 1,943 crores

Consolidated Profit & Loss Account

Particulars (Rs. in crores)

Revenue from operations (A)

Less: Finance cost (B)

NII (C= A-B)

Other Income (D)

Total Income (E=C+D)

Employee benefits expense (F)

Other expenses (G)

Depreciation and amortization (H)

Total Expenses (I=F+G+H)

Pre-Provisioning Operating Profit (J=E-I)

Provisions and write-offs (K)

Profit before Exceptional items (L=J-K)

Exceptional Items (M)

Share of Profit of Associates (N)

Profit before taxes (O= L+M+N)

Tax expense (P)

Net Profit after Taxes (Q=O-P)

Figures re-grouped and rounded where found relevant

Q4 FY25

Q3 FY25

Q-o-Q

Q4 FY24

Y-o-Y

4,886

2,218

2,668

2,679

608

696

1,389

1,290

697

594

609

153

456

4,797

2,175

2,622

2,625

597

632

1,312

1,313

1,217

1,233

315

918

10%

(2%)

(51%)

(0%)

(51%)

(50%)

4,280

1,861

2,419

2,472

560

590

1,222

1,250

370

880

896

225

671

14%

19%

10%

(79%)

18%

17%

14%

88%

(33%)

(32%)

Consolidated Profit & Loss Account

Particulars (Rs. in crores)

Revenue from operations (A)

Less: Finance cost (B)

NII (C= A-B)

Other Income (D)

Total Income (E=C+D)

Employee benefits expense (F)

Other expenses (G)

Depreciation and amortization (H)

Total Expenses (I=F+G+H)

Pre-Provisioning Operating Profit (J=E-I)

Provisions and write-offs (K) ^

Profit before Exceptional items (L=J-K)

Exceptional Items (M)

Share of Profit of Associates (N)

Profit before taxes (O= L+M+N)

Tax expense (P)

Net Profit after Taxes (Q=O-P)

Figures re-grouped and rounded where found relevant

FY25

FY24

Y-o-Y

FY23

18,463

8,415

10,048

10,115

2,355

2,392

321

5,068

5,047

2,085

2,962

3,027

766

2,261

15,797

6,959

8,838

173

9,011

2,261

1,987

275

4,523

4,488

1,956

2,532

2,588

645

1,943

17%

21%

14%

(61%)

12%

20%

17%

12%

17%

16%

17%

19%

16%

12,699

5,094

7,605

133

7,738

2,115

1,398

226

3,739

3,999

1,182

2,817

-56

2,804

733

2,071

Consolidated Balance Sheet

Particulars (Rs. in crores)

ASSETS

Financial Asset

a) Cash and cash equivalents

b) Bank balance other than (a) above

c) Derivative financial instruments

d) Trade Receivables

e) Loans

f) Investments

g) Other Financial Assets

Financial Asset

Non-Financial Asset

a) Current tax assets (Net)

b) Deferred tax Assets (Net)

c) Property, plant and equipment (includes CWIP)

d) Intangible assets (includes under development)

e) Other non-financial assets

Non-Financial Assets

Total Assets

Figures re-grouped and rounded where found relevant

As on Mar 31, 2025

As on Mar 31, 2024

As on Mar 31, 2023

1,830

4,017

247

1,23,514

10,590

263

1,40,491

736

829

1,028

245

776

3,614

1,44,105

904

3,172

173

1,06,344

9,598

252

1,20,442

733

802

983

130

625

3,273

1,23,716

587

4,889

86,456

10,063

256

1,02,348

569

746

855

549

2,736

1,05,085

Consolidated Balance Sheet (Contd.)

Particulars (Rs. in crores)

LIABILITIES AND EQUITY Financial Liabilities a) Derivative financial instruments b) Payables

i) Trade payables ii) Other payables

c) Debt Securities d) Borrowings (Other than Debt Securities) e) Deposits f) Subordinated Liabilities g) Other financial liabilities Financial Liabilities

Non-Financial liabilities

a) Current tax liabilities (Net) b) Provisions c) Other non-financial liabilities Non-Financial Liabilities

Equity

a) Equity Share capital b) Other Equity c) Non-controlling interests Equity (incl. attributable to minority investors) Total Equities and Liabilities

Figures re-grouped and rounded where found relevant

As on Mar 31, 2025

As on Mar 31, 2024

As on Mar 31, 2023

392

1,441 21 29,862 71,754 11,374 6,104 1,042 1,21,989

82 257 205 544

247 21,282 44 21,573 1,44,105

335

1,679 65 30,985 56,944 7,533 4,753 878 1,03,172

129 255 186 569

247 19,686 42 19,975 1,23,716

181

1,246 40 29,044 44,295 5,804 4,188 1,063 85,861

74 309 139 523

247 18,313 141 18,701 1,05,085

Providing Financial Solutions to Emerging India

Executive Summary

Financial Information

Subsidiary Financials

Company Overview

ESG & CSR

Mahindra Rural Housing Finance Limited

Particulars (Rs. in crores)

Q4FY25

Q4FY24

FY25

FY24

FY23

Loans disbursed

Loans & Advances (net)

Total income

PBT

PAT

Net-worth

Gross Stage 3 %

Net Stage 3 %

543

6,894

296

(204)

(152)

1,260

8.65%

1.41%

746

6,933

310

1,488

9.03%

6.29%

2,022

6,894

1,197

(305)

(228)

1,260

8.65%

1.41%

2,071

6,933

1,294

1,488

9.03%

6.29%

2,004

6,845

1,350

1,482

10.46%

7.80%

▪ Business Area:

Provide loans for home construction, extension, purchase and improvement to customers in rural and semi-urban India

▪ Shareholding pattern:

MMFSL – 98.43%; MRHFL Employee Welfare Trust and Employees – 1.57%

▪ Reach:

Currently spread in 16 States & 3 Union Territory

Figures re-grouped and rounded where found relevant

Mahindra Insurance Brokers Limited

Particulars (Rs. in crores)

Q4FY25

Q4FY24

FY25

FY24

FY23

Gross Premium

Total income

PBT

PAT

1,381

343

1,387

4,739

4,556

4,037

311

1,240

1,095

427

124

168

124

725

765

No. of employees (nos.)

589

725

589

▪ Business Area:

Licensed by IRDAI for undertaking insurance broking in Life, Non-Life and reinsurance businesses

▪ Shareholding pattern:

MMFSL – 100%*

* MIBL became wholly owned subsidiary of the company w.e.f 22nd September 2023.

FY25 financial performance of MIBL does not include insurance revenues on MMFSL Business from Jun’24, since MMFSL obtained Corporate Agency License.

Mahindra Ideal Finance Limited

Particulars (in LKR Mn)

Q4FY25

Q4FY24

Year ended March -25

Year ended March -24

Year ended March -23

Loans disbursed

Loans & Advances (net)

Total income

PBT*

PAT

Net-worth

Gross Stage 3 % (including Gold loans)

Net Stage 3 % (including Gold loans)

8,985

14,803

775

178

3,083

1.9%

1.2%

4,905

8,543

591

2,932

5.3%

4.2%

29,473

14,803

2,741

433

146

3,083

1.9%

1.2%

13,941

8,543

2,309

334

103

2,932

5.3%

4.2%

9,907

7,124

1,924

248

2,835

20.5%

18.7%

▪ Business Area:

Provide Gold loans and lease/ loan against vehicles in Sri-Lankan market

▪ Shareholding pattern:

MMFSL holds 58.2% stake.

▪ Reach:

35 branches across Sri Lanka

* before VAT and Income Tax

Figures re-grouped and rounded where found relevant

Providing Financial Solutions to Emerging India

Executive Summary

Financial Information

Subsidiary Financials

Company Overview

ESG & CSR

Company Background

Parentage

Mahindra & Mahindra Financial Services Limited (“MMFSL”) is a subsidiary of Mahindra and Mahindra Limited (M.Cap: Rs 3.44 trillion)*

About MMFSL

MMFSL (M.Cap: Rs 341 billion)*, one of India’s leading non-banking finance companies focused in the rural and semi-urban sector

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

Vision

MMFSL’s vision is to be a Leading and responsible financial solutions partner of choice for Emerging India

Reach

Has 1,365 offices covering 27 states and 7 union territories in India, with over 11 million customer contracts since inception

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

*Source: Market capitalisation as of April 21, 2025, from BSE website

Vision

“Leading and Responsible Financial Solutions Partner of Choice for Emerging India”

Our DNA

1,350+ Branches

10+ OEMs

100K Cr AUM – FY’24

 Customer Offerings

e l a c S 

r e m o t s u C 

Our Mantra

6,000+ Dealers

11M+ Customers

Bharat ke PAAS

Bharat ke SAATH

Accessible

Right Offering

Timely

Trust

Wheels

MSME

LAP/HL

Insurance

Mutual Fund

MMFSL Group Structure

Mahindra & Mahindra Limited

52.16%

Mahindra & Mahindra Financial Services Limited

100%(1)

98.43%(2)

49%

51%(3)

58.2%(4)

Mahindra Insurance Brokers Limited (“MIBL”)

Mahindra Rural Housing Finance Limited (“MRHFL”)

Mahindra Finance USA LLC (Joint venture with Rabobank group subsidiary)

Mahindra Manulife Investment Management Pvt. Ltd (“MMIMPL”)

Mahindra Manulife Trustee Pvt. Ltd (“MMTPL”)

Mahindra Ideal Finance Ltd (“MIFL”), Sri Lanka

Note:

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 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 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

Company and its group Companies

Our Journey

Equity participation of 12.5%by NHB in MRHFL

Recommenced Fixed Deposit Program

QIP Issue of Rs. 426 crores

JV with Rabobank subsidiary for tractor financing in USA

Long term debt rating upgraded to AAA by India Ratings and Brickwork.

CARE Ratings assigned AAA rating to long term debt

Maiden Retail NCD Issue of Rs. 1000 crores Oversubscribed over 7x of base issue size of Rs. 250 crores

Partnered with Manulife for Mutual Fund business

Invested in Ideal Finance for providing financial services in Sri Lanka

Completed IPO, Subscribed ~ 27 times

Received Corporate Agency License from IRDAI

Long term debt rating upgraded to AAA by CRISIL

Crossed 9 million cumulative customer contracts

FY 06

FY 08

FY 09

FY 10

FY 11

FY 13

FY 15

FY 16

FY 17

FY 18

FY 20

FY 21

FY 23

FY 24

FY 25

Commenced Housing Finance business through MRHFL

Raised Rs. 414 crores through Private Equity

Crossed 1 million cumulative customer contracts

Certificate of Registration received from SEBI by Mahindra Mutual Fund

Stake sale in MIBL to Inclusion Resources Pvt. Ltd.

QIP Issue of Rs. 867 crores

Sale of 5% of MIBL at a valuation of Rs. 1,300 crores

QIP Issuance : Rs. 1,056 crores; Preferential Issue to M&M : Rs. 1,055 crores

Rights Issue of Rs. 3,089 crores

AUM crosses 1 Lakh z Crore

Shareholding Pattern (as on March 31, 2025)

Shareholding Pattern

Top 10 Public Shareholders

5.80%

31.31%

52.16%

10.68%

0.05%

Promoter

FII

Non-Institutions

Esop Trust

Mutual Funds and DIIs

▪

Life Insurance Corporation of India

HDFC Mutual Fund

SBI Mutual Fund

HDFC Life Insurance Company Limited

Kotak Mahindra Mutual Fund

Ashish Dhawan

Government Pension Fund Global

Sundaram Mutual Fund

Bank Muscat India Fund

Nippon Life India Mutual Fund

Mahindra & Mahindra Limited holds a stake of 52.16% in the Company

Extensive Branch Network

Extensive branch network with presence in 27 states and 7 union territories in India through 1,365 offices

Coverage (Circle HQ)

Branches have authority to approve loans within prescribed guidelines

▪

1322

1386

1370

1365

111

165

Branch Network as of

1182

893

547

436

256

Mar'06 Mar'08 Mar'11 Mar'14 Mar'17 Mar'20 Mar'23 Mar'24 Mar'25

Delhi

Jaipur

Lucknow

Thane

Kolkata

Chennai

Hyderabad

139

108

13%

14%

17%

12%

18%

14%

Diversified Product Portfolio

Vehicle Financing Loans for auto and utility vehicles, tractors, cars, commercial vehicles and construction equipments

Pre-Owned Vehicles Loans for pre-owned cars, multi-utility vehicles, tractors and commercial vehicles

SME Financing Loans for varied purposes like project finance, equipment finance and working capital finance

Personal Loans Offers personal loans typically for weddings, children’s education, medical treatment and working capital

Mutual Fund Distribution Advises clients on investing money through AMFI certified professionals

Insurance Distribution Insurance solutions to our retail customers through Corporate Agency License

Housing Finance Loans for buying, renovating, extending and improving homes in rural and semi-urban India through our subsidiary MRHFL

Mutual Fund & AMC Asset Management Company/ Investment Manager to ‘Mahindra Manulife Mutual Fund’,

Insurance Broking Insurance solutions to retail customers as well as corporations through our subsidiary MIBL

Credit Rating

India Ratings

Outlook

Long term Issuer Rating; Bank Facility; Non-Convertible Debenture (incl. MLD) and Subordinated debt; Fixed Deposit

IND AAA IND PP-MLD AAA

Short term Bank Facility & Commercial Paper

Long term Bank Facility; Non-Convertible Debenture and Subordinated debt; Fixed Deposit

Short term Bank Facility & Commercial Paper

IND A1+

CRISIL

CRISIL AAA

CRISIL A1+

CARE Ratings

Long term Non-Convertible Debenture and Subordinated debt

CARE AAA

Long term Subordinated debt

Brickwork

BWR AAA

Stable

Outlook

Stable

Outlook

Stable

Outlook

Stable

Our strong credit rating and brand equity enables us to borrow funds at competitive rates

Awards & Accolades

Won “Best in Talent & Workforce” by Business Today for our outstanding achievements in talent management and workforce development.

Awarded “Employee Choice Awards 2024 – Top-rated large company & Top-rated financial services” by AmbitionBox for our exceptional employee satisfaction and excellence in creating a supportive & rewarding work environment.

53 53

Providing Financial Solutions to Emerging India

Executive Summary

Financial Information

Subsidiary Financials

Company Overview

ESG & CSR

“Dhan Samvaad” - CSR Flagship Program

>2,00,000

76%

65%

38%

Individuals Trained

Adoption of Digi Locker Application

Linkages with Social Securities schemes

Women participants

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, borrow responsibly and enroll them for DigiLocker app & various social welfare schemes.

CSR Impact

550

>48,000

~3000

>14,500

Women trained in driving E-Rickshaw to enhance livelihood opportunities

Women Skilled through Mahindra Pride program on domains such as Agriculture, Tally, Coding etc

Underprivileged students assisted with educational scholarship through Saksham

Girls assisted for elementary education - Nanhi Kali Program

Potential created for ~3 Crs litres of water through 11 Rain-Water Harvesting Structures, 3 check dams repaired and 1 lake distilled. 2,800+ beneficiaries impacted

77,000 trees planted on 570 farmers land in 30 villages to improve agricultural productivity through agroforestry practices

56 56

Providing Financial Solutions to Emerging India

Thank You

← All Transcripts M&MFIN Stock Page →

Mahindra & Mahindra Financial Services Limited has informed the Exchange about Investor Presentation

Market Movers