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Add Mahindra & Mahindra Financial Services, target price Rs 310:  ICICI Securities
Add Mahindra & Mahindra Financial Services, target price Rs 310:  ICICI Securities

Time of India

time28-04-2025

  • Business
  • Time of India

Add Mahindra & Mahindra Financial Services, target price Rs 310: ICICI Securities

ICICI Securities has maintained an add call on Mahindra & Mahindra Financial Services with an unchanged target price of Rs 310. The current market price of Mahindra & Mahindra Financial Services is Rs 265.3. Mahindra & Mahindra Financial Services, incorporated in 1991, is a Large Cap company with a market cap of Rs 32821.85 crore, operating in the NBFC sector. Mahindra & Mahindra Financial Services' key products/revenue segments include Interest, Fees & Commission Income, Rental Income, Income From Sale Of Share & Securities for the year ending 31-Mar-2024. Financials For the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 4896.84 crore, up 2.03% from last quarter Total Income of Rs 4799.45 crore and up 13.01% from last year same quarter Total Income of Rs 4332.94 crore. The company has reported net profit after tax of Rs 440.33 crore in the latest quarter. The company?s top management includes Shah, Gupta, Bijapurkar, Sarwate, Mr.C B Bhave, Mungale, Nugent, Barua, Ghai, Rebello, Kumar Sharma. Company has Mukund M Chitale & Co. as its auditors. As on 31-03-2025, the company has a total of 124 Crore shares outstanding. Live Events Investment Rationale Mahindra & Mahindra Financial Services' (MMFSL) financial performance has been in-line on a full-year FY25 basis with credit cost remaining at 1.3% vs. 1.7% YoY and AUM growth at 17% YoY; however, quarterly volatility still persists. Credit cost during Q4FY25 stood at 1.4% vs. nil QoQ vs. 2.3% in Q2FY25 vs. 1.5% in Q1FY25. Management highlighted that while it marginally missed guidance on parameters, specifically on NIM (6.5%, as on Mar'25) and RoA (1.9% as on Mar'25), it believes both are set to improve from hereon. Further, it expects credit cost to remain within 1.3-1.7% in the medium to long-term and mid to high-teen AUM growth during the same period. Maintain ADD, with an unchanged target price of Rs 310, valuing at 1.6x on Sep'26E BVPS (roll-over from Sep'25E). Promoter/FII Holdings Promoters held 52.16 per cent stake in the company as of 31-Mar-2025, while FIIs owned 10.68 per cent, DIIs 21.07 per cent.

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