Mahindra Finance Q2 consolidated net profit rises 34% to Rs.353 crore
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Mumbai, Oct. 26 -- Mahindra and Mahindra Financial on Monday reported 34% rise in consolidated net profit at Rs.353 crore for September quarter 2020-21 on impairments of covid-19 pandemic related disruptions.
The company had posted a net profit of Rs.264 crore in the year-ago same period.
During the quarter ended September 30, 2020, the Company has considered an additional charge of Rs.433 crores due to a management overlay, to reflect deterioration in the macroeconomic outlook. As at September 30,2020, the cumulative amount of management overlay provisions stood at Rs. 1,484 crores, it said in a release.
Total income increased by 5% to Rs.3,071 crore during the latest quarter as against Rs.2,902 crore in June-September 2019-20, Mahind...
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