Company Profile

In compliance with the provisions of Regulation 30(6) read with Schedule III and other applicable provisions of the SEBI Listing Regulations, as amended from time to time, Mahindra & Mahindra Financial Services has informed that it enclosed the ratings received by the Company on 19th April 2024 from CRISIL Ratings at 10:53 am (IST) & from India Ratings & Research at 2:29 pm (IST), at the request made by the Company for the revalidation of ratings. This information is also being uploaded on the website of the Company at URL: https://www.mahindrafinance.com/investor-relations/debt-information#credit-rating.

The above information is a part of company’s filings submitted to BSE.

Mahindra & Mahindra Financial Services has informed that the Company has received an Assessment Order from the office of the Superintendent, Goods and Services Tax, Government of Rajasthan imposing a total penalty demand of Rs 40,000 with respect to FY 2018-19 primarily alleging wrong availment of GST input tax credit by the Company. Based on the Company’s assessment, and prevailing law, it is of the belief that the Company has appropriately availed eligible input tax credit. However, since the penalty amount is immaterial, the Company intends to discharge the same as per order. The details of the above Order, as required under Clause 20 of Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated 13th July 2023 is enclosed as Annexure A. The Assessment Order dated 4th April 2024 was received by the Company on 15th April 2024 at 5:30 pm (IST). This intimation is also being uploaded on the Company's website at https://www.mahindrafinance.com/investor-relations/regulatory-filings.

Mahindra & Mahindra Financial Services has informed about Board Meeting to be held on 23-April-2024 to consider and approve the Yearly Audited Financial results of the Company for the period ended March 2024 and Dividend/Fund raising. 

The above information is a part of company’s filings submitted to BSE.

Quick Heal Technologies’ enterprise arm -- Seqrite has entered into a strategic partnership with M. Tech Solutions (India), appointing them as its Value-Added Distributor (VAD) for the Indian market. This collaboration aims to significantly expand Seqrite's presence in India and solidify its position further in the crucial Enterprise and Government segments.

Sunteck Realty (SRL) is expanding its annuity income business of its commercial portfolio as it enters a long term understanding/ agreement of its second premium commercial building at BKC Junction, Sunteck Icon, to Bennett, Coleman & Co.  The built-up area of Sunteck Icon is approximately 2 lakh square feet with an approximate rental of Rs 300 per Sq. Ft. per month on carpet area basis. This will allow the company to generate a revenue of close to Rs 2,000 crore over the tenure of 29 years.  

Mahindra & Mahindra Financial Services (Mahindra Finance) has reported overall disbursement at around Rs 6,100 crore in March 2024, delivering a 9% growth over March 2023. The Q4FY24 disbursements at about Rs 15,300 crore registered a growth of 11% Year-on-Year (Y-o-Y) and for the full year disbursement at around Rs 56,200 crore registered a growth of 13% Y-o-Y.

Jammu & Kashmir Bank has signed Corporate Agency Agreement with New India Assurance Company for servicing and soliciting their insurance products through its Branch Network. The said agreement shall be operational/effective from April 02, 2024.  

Colgate-Palmolive (India) has launched the renewed Colgate Active Salt, setting a new benchmark in oral hygiene solutions with an improved formula that tackles oral problems right at their inception. Since 2005, Colgate Active Salt has served the nation by addressing early oral concerns, leveraging the unique benefits of salt ingrained in Indian oral care traditions. It is also Colgate’s number 1 brand in Tamil Nadu. Building upon this legacy, the all new Colgate Active Salt introduces an improved and more potent formula to nip oral problems in the bud.

Maiden Forgings (MFL) is one of the leading manufacturers of wide range of Bright Steel bars and wires from past 35 years has successfully acquired land nearly double the size of its current facilities, spanning about 4 acres. This aims to combine two of its current facilities into one and promptly acquire additional machinery to increase its capacity. Presently, the company currently operates plants at three distinct locations within Ghaziabad city. The company intends to get the new manufacturing facility operational by October this year. Following the completion of the transaction within this year, the company aims to enhance its operational efficiencies, decrease costs, and lower its overall debt. MFL anticipates being completely free of gross debt by the end of the FY 2024-25 after finalizing the transaction. This transaction allows the company to significantly increase both its gross and net profit margins, while also enhancing its gross sales in the upcoming financial years.

EPACK Durable has received its 1st incentive under PLI Scheme for White Goods, from Government of India. The Company had made requisite investments as per terms of PLI approval, in the Target Segment of manufacturing of RAC Components during the Financial Year 2021-22 and subsequently, after audits and due diligence carried out by the nodal agencies appointed by the Government of India, the Company has received its 1st incentive of Rs 15 crore for the Financial year 2022-23, under the said Scheme.

Mahindra & Mahindra Financial Services (Mahindra Finance) has reported overall disbursement at around Rs 6,100 crore in March 2024, delivering a 9% growth over March 2023. The Q4FY24 disbursements at about Rs 15,300 crore registered a growth of 11% Year-on-Year (Y-o-Y) and for the full year disbursement at around Rs 56,200 crore registered a growth of 13% Y-o-Y.

Healthy disbursement trends during FY24 have led to Business Assets at around Rs 1,02,400 crore as at March 31, 2024, a growth of about 24% over March 31, 2023 and approximately 6% over December 31, 2023. The Collection Efficiency (CE) was at 101% for March 2024 (In March 2023, CE was 105%). 

Mahindra Finance is one of India’s leading non-banking finance companies.