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Net profit soars 785% YoY, beats estimate; sales rise 15%, BFSI News, ET BFSI

November 9, 2021 root Personal Finance

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MUMBAI: Mahindra & Mahindra on Tuesday reported a 785 per cent year-on-year (YoY) growth in net profit to Rs 1,431.7 crore for the quarter ended September, which was above analysts’ expectations of Rs 1,014 crore.

The year-on-year jump in net profit for the automaker is largely because of a more than Rs 1,400 crore asset impairment charge taken by the company in the year-ago quarter. In the current quarter, M&M took a Rs 255 crore asset impairment charge, the company said.

The tractor manufacturer reported a 14.7 per cent on-year growth in revenue from operations to Rs 13,305.4 crore for the reported quarter, which was also above Street’s estimate of Rs 12,428.9 crore.

“We have seen significant all around improvement in our performance this quarter. Our strong show in the Auto and Farm sectors was complemented well by the improved performance in the group companies,” said Anish Shah, managing director and chief executive officer at M&M.

While the topline and bottomline of the company were impressive, its operating performance suffered due to surge in input costs.

M&M’s operating profit for the reported quarter slumped 19 per cent YoY to Rs 1,660 crore largely because of a 40 per cent spike in cost of raw material used by the company. The tractor maker’s margins shrank 527 basis points on year to 12.47 per cent in the reported quarter.

“Commodity prices have impacted our margins in both the Auto and Farm business, but our focus on cost management and optimisation has helped mitigate some of the impact,” said Manoj Bhat, group chief financial officer at M&M.

M&M said that its automotive segment saw robust demand despite global semiconductor shortage hampering production in the quarter. The company added that the segment’s booking pipeline was healthy and there is buoyant demand for its products.

The farm business reported its second best performance in history aided by a 190 basis points improvement in market share for the tractor business, M&M said.

Shares of M&M were up 2.3 per cent at Rs. 878.9 on the National Stock Exchange.

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Sensex, Nifty capture new heights; auto, banking shares shine, BFSI News, ET BFSI

October 11, 2021 root Personal Finance

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Mumbai, Equity benchmarks Sensex and Nifty on Monday scaled new peaks by continuing their winning run to the third session in a row, propelled by gains in mainly auto, power and banking shares.

After scaling a new intraday high of 60,476.13 during the session, the 30-share Sensex closed 76.72 points or 0.13 per cent higher at 60,135.78 – marking its new closing high as well.

Similarly, the Nifty rose 50.75 points or 0.28 per cent to its all-time closing high of 17,945.95. Intraday, the NSE gauge touched a new peak of 18,041.95.

Maruti was the top gainer in the Sensex pack, rallying nearly 4 per cent, followed by PowerGrid, ITC, NTPC, SBI, M&M, Kotak Bank and HDFC Bank.

On the other hand, TCS was the top loser on the Sensex, shedding over 6 per cent, after the company’s Q2 earnings missed street expectations.

According to an Emkay Global note, TCS Q2 operating performance missed expectations, reporting lower-than-expected revenue and earnings before interest, taxes and corporate overhead or management (EBITM).

The company on Friday reported a 14.1 per cent rise in consolidated net profit at Rs 9,624 crore in the September 2021 quarter.

Following suit, Tech Mahindra, Infosys, HCL Tech and Reliance Industries fell up to 2.76 per cent.

Sectorally, BSE utilities, power, auto, metal, realty and bankex rose up to 2.80 per cent, while IT, teck, telecom and energy fell up to 2.87 per cent.

Broader midcap and smallcap indices rose up to 0.60 per cent.

Indian markets started on a positive note following positive Asian market cues as investors took comfort on news of opening up more vaccinated travel lanes in 8 countries as COVID cases declines, said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi.

“During the afternoon session, markets continue to trade handsomely as broad gains in rate sensitive counters, viz, auto, realty and utility. Traders also took support as data showed country’s exports growing at a healthy rate. Exports have touched USD 197 billion during April-September this fiscal.

“Additional optimism came in as foreign portfolio investors (FPIs) remained net buyers to the tune of Rs 1,997 crore so far in October,” he added.

Elsewhere in Asia, bourses in Hong Kong and Tokyo ended with gains, while Shanghai was in the red.

Stock exchanges in Europe were largely trading with losses in mid-session deals.

Meanwhile, international oil benchmark Brent crude rose 2.12 per cent to USD 84.14 per barrel.

The Indian rupee ended 37 paise lower at 75.36 against the US dollar on Monday. PTI ANS MKJ

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M&M ties up with SBI for small CV financing, BFSI News, ET BFSI

August 24, 2021 root Personal Finance

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New Delhi: Mahindra & Mahindra (M&M), one of the top commercial vehicle manufacturers in India, on Monday inked a Memorandum of Understanding (MoU) with the State Bank of India (SBI) to offer financial assistance for the purchase of M&M’s range of small commercial vehicles and PickUps. SBI’s Contactless Lending Platform technology will further ensure uniformity, transparency and a reduced turnaround time in the loan approval process, the automaker said in a release.

Amit Sagar, business head – SCV, automotive division, M&M, said, “Our financing scheme is not just unique, but also very pertinent, given SBI’s reach and trust across the length and breadth of the country. This scheme will provide the desired impetus and confidence to our SCV and PickUp customers and help them prosper.”

The collaboration with SBI will allow M&M’s small commercial vehicle customers to avail of loan in a contactless manner with only 59 minutes loan approval process. This will help customers own a superior product with EMI as low as INR 6666 (for a loan amount of 3.45 lakh) and a lower interest rate of 11.5%, the company said.

It also gives flexibility of extended tenure up to six years including a one-month moratorium period also. The customers can opt for a higher loan amount with up to 85% on-road funding. There is no requirement of any third-party guarantor, M&M added.

Along with MSME, small road transport operators and the first-time-buyers of small commercial vehicles can also take benefit from this breakthrough M&M vehicle financing scheme with SBI, the automaker highlighted.

M&M recently launched the SUPRO Profittruck range which is developed on the SUPRO platform. The SUPRO Profittruck range comes in both diesel as well as CNG fuel options. The Jeeto brand launched in 2015,has thus far gone home to 2 lakh customers. In sub 2-tonne load category, it comes with multi fuel options of Diesel, CNG & Gasoline and in two different deck sizes providing an array of options to customers.

Mahindra Bolero PickUp range has been the market leader for over two decades with more than 16 lakh customers, claims the company. Mahindra Bolero PickUp has a wide range of vehicles – Single cabin, Double cabin, AC, 4WD and CNG options along with multiple payload and cargo sizes suiting the customer requirements.

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Rane, BFSI News, ET BFSI

July 23, 2021 root Banking & Finance

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NEW DELHI: As many as 13.06 lakh MSME loan accounts with an aggregate amount of Rs 55,333 crore have been restructured by public sector banks till June 25 this year, Parliament was informed on Thursday. MSME minister Narayan Rane also said that till July 2, Rs 2.73 lakh crore have been sanctioned under the Emergency Credit Line Guarantee Scheme.

The scheme was launched for an emergency credit line of up to Rs 4.5 lakh crore to businesses including micro, small and medium enterprises (MSMEs) and the same is backed by 100 per cent central government guarantee.

Till June 25 this year, “13.06 lakh MSME loan accounts with an aggregate amount of Rs 55,333 crore have been restructured by public sector banks,” he said in a written reply to the Lok Sabha.

In a separate reply, he said since the inception of the Prime Minister’s Employment Generation Programme, till July 9, 6,97,612 units have been set up (including those by farmers) with MM (margin money) subsidy of Rs 16,688.17 crore.

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