Mahindra Finance Sees Cent Per Cent Collection Efficiency In September
As per the latest report released by the company, the NBFC arm of Mahindra Group, Mahindra Finance, has reported a 100 per cent collection efficiency in September 2021. The improvement from previous figures can be seen because of the improvement in pan-India mobility. The vaccination numbers are also rising.
The collection numbers in July and August stood at 95 per cent and 97 per cent respectively. The rise in these numbers to 100 per cent has helped the company to reduce the NPA contracts in the last month.
The disbursement figures for the month of September stood at Rs 1900 crore. It is 23 per cent more than September 2020. During the second quarter of FY22, the company disbursed Rs 6450 crore, 60 per cent more than Q2 of FY21. The high growth numbers can be attributed to the lower base in FY21 due to the first wave of COVID-19 and the nationwide strict lockdown.
The company noted that it saw a good liquid position in September and it hopes to get encouraging figures in the third quarter of FY22. The improvement in the auto supply chain and increase in demand due to the upcoming festive season are some of the events that the company looks forward to.
