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Prabhudas Lilladher Report
Mahindra and Mahindra Financial Services Ltd.’s Q4 FY21 earnings stood disappointed characterized by –
1. sustained elevated non-performing asset levels at 9% (average- 8.5% since past eight quarters; average- 9.2% since 4.5 years)
2. bleak recovery scenario with 19% of total morat availed contracts exhibiting zero payments until September 2020 (versus 6% in Q3 FY21),
3. write-offs climb to 5% in FY21 versus 1% in FY19
4. while provisions spiked, 70% profit and loss provisioning charge was led by write-offs in Q4 FY21
5. continued elevated contracts under 90 days past due category (5% plus live cases since FY20) despite 100% collection efficiency for Q4 FY21.
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