Mahindra Finance Q4FY22 PAT surges by 300% to Rs 601cr

Mahindra & Mahindra Financial Services (Mahindra Finance) has reported a profit after tax (PAT) of INR 601 crores for the fourth quarter of the fiscal year 2021-2022 (Q4FY22), a 300% increase compared to INR 150 crores in the same quarter of the previous fiscal year.

The total income of the Indian financial services provider was INR 2,466 crore for the reported quarter ended 31 March 2022, a decrease of 3%, compared to the same period of the previous fiscal. According to Mahindra Finance, the decline in total income was mainly because of the provision for excess interest refund of INR 142 crores in compliance with the directions of the Reserve Bank of India (RBI).

For FY22, the profit after tax of Mahindra Finance was INR 989 crores, an increase of 195%, compared to INR 355 crores during the previous year.

The total Income of the financial services provider came down by 8% in FY22 at INR 9,719 crores, compared to INR 10,517 crores during FY21.

Mahindra Finance stated: “The Board of Directors has recommended a dividend of Rs. 3.60 per share on equity share of Rs.2/- each, i.e. 180%, subject to the approval of the Members at the ensuing 32nd Annual General Meeting of the Company.”