Mahindra Finance PAT up 62 per cent at Rs356 crore

Mahindra & Mahindra Financial Services Ltd (Mahindra Finance) has reported a 62 per cent jump in its after-tax profit (PAT) for the financial year 2009-2010 at Rs356 crore, against Rs220 crore in the previous financial year.

Total income of the company on a consolidated basis increased by 14 per cent to Rs1,596 crore, against Rs1,400 crore in the previous year. 

Mahindra Finance, a leading player in providing financial services in the rural and semi-urban markets, said the value of assets under management of the company crossed Rs10,000 crore in the 2009-10 financial year.

For the for fourth quarter of the current year ended 31 March 2010, Mahindra Finance reported a 20 per cent growth in consolidated total income at Rs483 crore against Rs402 crore in the same period last year.  Profit after tax (PAT) the quarter rose 31 per cent to Rs144 crore from Rs110 crore in the corresponding quarter of the previous year.

On a standalone basis, the company posted a 19 per cent growth in its total fourth quarter income at Rs475 crore against Rs398 crore during the same period of the previous year. Standalone PAT for the quarter increased 30 per cent to Rs140 crore, from Rs108 crore in the same period last year. 

The board has recommended a dividend of 75 per cent (Rs7.50 per equity share of Rs10) as against 55 per cent (Rs5.50 per equity share) declared in the previous year. The dividend, including dividend distribution tax, would entail an outgo of Rs85 crore.