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Mahindra and Mahindra Financial Services Ltd. earnings were mixed as pre-provision operating profit beat estimate led by net interest income/operating expense though higher provisions was also led by overlay/write-offs.
Assets under management growth fell 5% year-on-year was a miss driven by lower disbursals, and considering the severe second Covid-19 wave, collections would take a precedence over disbursals in FY22E.
Net interest margin was better at 8.0% due to lower funding cost.
Opex benefit continues with lower employee expense and cost to assets for FY21 was 2.2% (estimate 2.3%).
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