- M&M reported 3QFY19 PAT of Rs.3.7bn (+15% YoY) and better-than-expected margins

- Loans and spreads were up but asset quality disappointed with GS3% going up

- Amongst product segments, highest asset quality pressure is felt in CV finance

- M&M remains comfortable on funding side reducing cost of capital

- MMFS’ performance in FY20 is marred by weak growth in the underlying segment and risk aversion toward segments like NBFCs/SMEs

- In coming quarters Pre-owned vehicles will be 15-20% of total disbursements

- With 13% AUM CAGR valuations are expected to grow in medium term

Disclaimer: The above report is compiled from information available on public platforms. inChat team advises users to check with certified experts before taking any investment decisions.

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