Mahindra Finance H1 FY07 Turnover up 41%; PAT rises 10% to 49.56 Cr

• Q2 Top Line up 37% to Rs 196.52 Crores
• H1 Turnover up 41% to Rs.361.52 Crores
• H1 PAT up 10% to Rs.49.56 Crores
• Company increases reach by opening 75 more branches in the current fiscal taking the total branch strength to 380 as on Sept 30,06

Mumbai, October 25. 2006: Mahindra & Mahindra Financial Services Ltd (MMFSL), part of the $304 billion Mahindra group and a leading player in providing financial Services in the rural and semi-urban market, has posted a strong performance for the quarter ended September 30, 2006.

Top line for the quarter ended September 30. 2006 soared by 37% to Rs.196.52 Crore compared to the corresponding period last year, which stood at Rs.142.94 Crore, Net profit for Q2FY07 is higher by 8% to Rs.30.33 Crore from Rs.27.97 Crore in Q2FY06.

Turnover for the first half of F2007 stood at As 361.52 Crore, up by 41% compared to Rs.257.01 Crore, recorded in the same period of last fiscal. During the same period, net profit increased by 10% to Rs.49.56 crore as against Rs.44.97 crore, posted in the first half of 20O6.

Mr. Ramesh Iyer, Managing Director. MMFSL said, "The automobile and tractor market has seen buoyancy in the first half. Also, our tie - up with Maruti Udyog Ltd, has shown encouraging results with MMFSL having reached a figure of financing 3000 Maruti cars a month. Our commitment to service the customer at his doorstep saw us increase our branch strength to 380 branches (as on Sept 30, 06) - an addition of 75 nos in HI of the current fiscal".

Mr.V.Ravi, Chief Financial Officer, MMFSL said, ‘The Company has made significant investments for creating the required infrastructure to meet tho growing rural demand. Even though some of the set up investments have been incurred during the first half of the year, the complete benefits of the same would be realized in the coming periods."

Source : Equity Bulls

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