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Mahindra & Mahindra Financial Services Limited Result Update Quarter ended Mar’25 (Q4FY25) Regd. Office: Gateway Building, Apollo Bunder, Mumbai-400 001, India Tel: +91 22 6897 5500 Fax:+91 22 2287 5485 www.mahindrafinance.com CIN - L65921MH1991PLC059642 Corporate Office: Mahindra Towers, 3rd Floor, Dr. G. M. Bhosale Marg, Worli, Mumbai-400 018, India Tel: +91 22 6652 6000 Email: investorhelpline_mmfsl@mahindra.com
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2 Safe Harbor Certain statements in the Financial Results Update presentation describing the Company's objectives, and predictions may be ‘forward-looking statements’ within the meaning of applicable laws and regulations. Actual results may vary significantly from the forward-looking statements contained in this document due to various risks and uncertainties. These risks and uncertainties include the effect of economic and political conditions in India, volatility in interest rates, new regulations and Government policies that may impact the Company’s business as well as its ability to implement the strategy. The Company does not undertake to update these statements.
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Executive Summary Financial Information Subsidiary Financials Company Overview ESG & CSR Providing Financial Solutions to Emerging India
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Rs 15,530 crores v/s Rs 15,292 crores YoY 2% 6.5% v/s 7.1% YoY Rs 563 crores v/s Rs 619 crores YoY 9% 10.0 10.0 8.4 9.7 10.2 10.2 9.1 4.3 4.0 3.4 3.6 3.8 3.9 3.7 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 GS3 6.5% v/s 6.8% YoY Disbursements Rs 57,900 crores v/s Rs 56,208 crores YoY 3% Asset Quality# End losses & Credit Costs* NIM Margins* PAT Rs 2,345 crores v/s Rs 1,760 crores YoY 33% 351 449 602 322 296 444 498 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 21.9 10.4 8.4 9.17.7 4.5 FY22 FY23 3.4 FY24 3.7 FY25 GS3 2,513 2,213 1,715 1,559 FY22 FY23 FY24 FY25 2.4 1.2 1.2 1.5 2.3 0.0 1.4 3.1 1.2 1.7 1.3 End losses (Rs. Crores) Credit Costs (%)* End losses (Rs. Crores) Credit Costs (%)* Q4FY25 FY25 GS2 + GS3 GS2 + GS3 # % of Business Assets under management * % of Avg. Total Assets Key Highlights AUM Rs. 119,673 crores v/s Rs. 102,597 crores YoY 17% 4
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5 Operating excellence 5 Udaan: Digital onboarding and collections Business Today award - Best in Talent & Workforce Tractors leadership: FY25 disbursement ↑ 8% YOY Non-cash collection increased to 77% FY23 – FY25 disbursements ↑ 17%, with flat headcount FY25 SME loan disbursals up 48% YoY Corporate agency license: Partnered with 10 insurance companies Tech Resilience; cloud migration for major applications
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6 619 563 Q4FY24 Q4FY25 1,173 1,213 Q4FY24 Q4FY25 798 943 Q4FY24 Q4FY25 1,971 2,156 Q4FY24 Q4FY25 3,706 4,245 Q4FY24 Q4FY25 1,02,597 1,19,673 Q4FY24 Q4FY25 Key Business Indicators Q4FY25 vs Q4FY24 Figs. In Rs. Cr Growth % 15,292 15,530 Q4FY24 Q4FY25 Disbursements Business AUM Total Income NIM Total Opex PPOP Credit Cost PAT 2.9% 2.9% 4.2% 3.7% 1.2% 1.4% 2.2% 1.7% 2% 17% 15% 9% 18% 3% (9%) 13.3% 12.9% 7.1% 6.5% % of Avg. Total Assets 34% 341 Q4FY24 Q4FY25 457
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7 13,562 16,075 FY24 FY25 1,760 2,345 FY24 FY25 1,823 1,618 FY24 FY25 4,178 4,765 FY24 FY25 2,957 3,411 FY24 FY25 7,135 8,176 FY24 FY25 1,02,597 1,19,673 FY24 FY25 Key Business Indicators FY25 vs FY24 Figs. In Rs. Cr Growth % 7 Disbursements Business AUM Total Income NIM Total Opex PPOP Credit Cost PAT 2.8% 2.7% 4.0% 3.8% 1.7% 1.3% 1.7% 1.9% 17% 19% 15% 15% 14% (11%) 33% 12.8% 12.8% 6.8% 6.5% % of Avg. Total Assets 56,208 57,900 FY24 FY25 3%
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8 Overall Disbursements 8 Product Wise Q4 FY25 Q4 FY24 YoY FY25 FY24 YoY Tractor 1,248 1,122 11% 5,871 5,443 8% PV 6,021 5,915 2% 23,527 22,920 3% CV & CE 3,652 3,648 0% 12,290 12,512 (2%) 3-Wheeler 594 625 (5%) 2,445 2,496 (2%) Pre-Owned Vehicle 2,612 2,921 (11%) 9,468 9,745 (3%) SME 1,001 770 30% 3,010 2,029 48% Others* 401 292 37% 1,288 1,063 21% Total 15,530 15,292 2% 57,900 56,208 3% * Others include Farm Implements, Gensets, Personal and Consumer Loans
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9 Spread & RoA Tree Particulars Q4FY25 Q3FY25 Q4FY24 FY25 FY24 Total Income / Average Assets 12.9% 13.1% 13.3% 12.8% 12.8% - Loan Income 11.6% 11.9% 12.1% 11.7% 11.8% - Fee, Investment & Other Income 1.3% 1.1% 1.2% 1.1% 1.1% Interest cost / Average Assets 6.3% 6.4% 6.2% 6.3% 6.1% Gross Spread 6.5% 6.6% 7.1% 6.5% 6.8% Overheads / Average Assets 2.9% 2.8% 2.9% 2.7% 2.8% End Losses & provisions / Average Assets 1.4% 0.0% 1.2% 1.3% 1.7% - End Losses 1.5% 1.4% 2.2% 1.2% 1.6% - Provisions (0.1%) (1.4%) (0.9%) 0.0% 0.1% Net Spread before Tax 2.3% 3.8% 3.0% 2.5% 2.2% Net Spread after Tax 1.7% 2.8% 2.2% 1.9% 1.7% on standalone basis Average Assets is computed based on Net Total Assets i.e., Total Assets less ECL Provisions
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1010 GS3: Additions in Q4 FY25 4,525 (111) 4,414 Q3FY25 Additions Q4FY25 GS3 – 4 yrs Trendline 4,976 3,717 3,491 4,414 7.66% 4.49% 3.40% 3.69% Mar-22 Mar-23 Mar-24 Mar-25 Credit Cost GS3: Within range 602 498 1,715 1,559 Q4FY24 Q4FY25 FY24 FY25 Provision End losses (260) (40) 108 59Provisions End Losses 341 457 1,823 1,618 (3.9%) (3.7%) (GS-3 %) Figs. In Rs. Cr
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11 Credit Cost: Consistent decline in end losses * % of Avg. Total Assets Particulars FY22 FY23 FY24 FY25 GS-3 7.7% 4.5% 3.4% 3.7% Credit Cost 3.1% 1.2% 1.7% 1.3% Provision (0.2%) (1.4%) 0.1% 0.0% Provision (Rs Cr) (145) (1,214) 108 59 End Losses 3.3% 2.6% 1.6% 1.2% End Losses (Rs Cr) 2,513 2,213 1,715 1,559 Particulars Q4 FY24 Q4 FY25 Credit Cost 1.2% 1.4% Provision (0.9%) (0.1%) End Losses 2.2% 1.5% End Losses (Rs Cr) 602 498 Credit Cost* 11 on standalone basis Parameter Target Actual GS2 + GS3 <10% 9.1% Credit Cost* 1.3 – 1.5% 1.3% Commitment vs Actual (FY25) 3.4% 1.0% 0.7% 0.0% 2.1% 2.4% 1.2% 1.2% 1.5% 2.3% 0.0% 1.4% Q1 Q2 Q3 Q4 FY23 FY24 FY25
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Progress on Mission - 2025 Aspirations Stable Asset Quality Growth Diversification Profitability (ROA) Strengthened Operations FY’25 GS3 < 6.0% NIM - 7.5% 2X AUM New Biz: 15% ROA: 2.5% FY’25 GS3: 3.7% Credit Cost: 1.3% NIM: 6.5 % 1.8X New Biz: 6% ROA: 1.9% Upgrade Talent Tech & data GRC* Opex <2.5% What we said (Apr’22) Where we are Complete Accelerate Progress Opex: 2.7% * GRC – Governance, Risk & Compliance 12
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13 Going forward: Priorities Turnaround MRHFL & then grow affordable housing Continue to build a resilient operating model Efficiency gains – Sales, underwriting, collections Data, Digital, AI in Business and Controls Achieve stronger RoA and RoE outcomes Grow SME, leasing, and fee income (insurance) Sustain risk levels (asset quality, credit costs) Steady progress on growth and margins Defend and grow wheels leadership
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Executive Summary Financial Information - Standalone Subsidiary Financials Company Overview ESG & CSR Providing Financial Solutions to Emerging India
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15 Disbursement Total Income Profit after Tax Rs. 563 croresRs. 15,530 crores Rs. 4,245 crores Rs. 619 croresRs. 15,292 crores Rs. 3,706 crores Q4 FY25 Q4 FY24 Key Financials 15% 9% on standalone basis Rs. 57,900 crores Rs. 56,208 crores 3% Rs. 16,075 crores Rs. 13,562 crores 19% Rs.2,345 crores Rs. 1,760 crores 33% FY25 FY24 2%
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16 Distribution of Disbursements on standalone basis * Others include Farm Implements, Gensets, Personal and Consumer Loans Figures re-grouped and rounded where found relevant Asset Class (Rs. in Crores) Q4 FY25 Q4 FY24 Y-o-Y FY25 FY24 Y-o-Y Passenger vehicles 6,021 (39%) 5,915 (39%) 2% 23,527 (41%) 22,920 (41%) 3% Commercial vehicles and construction equipments 3,652 (24%) 3,648 (24%) 0% 12,290 (21%) 12,512 (22%) -2% Pre-owned vehicles 2,612 (17%) 2,921 (19%) -11% 9,468 (16%) 9,745 (17%) -3% Tractors 1,248 (8%) 1,122 (7%) 11% 5,871 (10%) 5,443 (10%) 8% 3 Wheelers 594 (4%) 625 (4%) -5% 2,445 (4%) 2,496 (4%) -2% SME 1,001 (6%) 770 (5%) 30% 3,010 (5%) 2,029 (4%) 48% Others* 401 (3%) 292 (2%) 37% 1,288 (2%) 1,063 (2%) 21% Total 15,530 (100%) 15,292 (100%) 2% 57,900 (100%) 56,208 (100%) 3%
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17 * Others include Trade Advances, Personal and Consumer Loans, Finance Lease Receivables, Implements etc. on Standalone Basis Break down of Business Assets Asset Class FY25 FY24 FY23 Passenger vehicles 40% 39% 37% Commercial vehicles and construction equipments 22% 23% 23% Pre-owned vehicles 13% 13% 13% Tractors 11% 11% 14% SME 5% 5% 5% 3 Wheelers 4% 4% 3% Others* 5% 5% 5% Contribution of M&M assets in Business Assets 44% 44% 44% Figures re-grouped and rounded where found relevant
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18 * Prepared on Finance Amount Distribution by Geography DELHI: Chandigarh, Delhi, Haryana, Himachal Pradesh, Jammu & Kashmir, Ladakh, Punjab, Uttarakhand JAIPUR: Rajasthan, Gujarat, Dadra & Nagar Haveli LUCKNOW: Uttar Pradesh, Bihar THANE: Maharashtra, Goa, Madhya Pradesh CHENNAI: Andaman & Nicobar Island, Karnataka, Kerala, Puducherry, Tamil Nadu HYDERABAD: Andhra Pradesh, Telangana, Orissa, Chhattisgarh KOLKATA: Arunachal Pradesh, Assam, Meghalaya, Mizoram, Manipur, Sikkim, Tripura, West Bengal, Jharkhand on standalone basis Circle HQ Disbursement* Business Assets Q4 FY25 Q4 FY24 Q4 FY25 Q4 FY24 Delhi 14.6% 13.8% 13.8% 13.1% Jaipur 15.7% 15.3% 14.8% 14.0% Lucknow 17.7% 17.3% 17.7% 17.7% Thane 18.5% 17.2% 19.0% 18.8% Chennai 11.9% 12.7% 12.0% 12.0% Hyderabad 12.8% 12.7% 12.4% 12.7% Kolkata 8.9% 11.0% 10.3% 11.6%
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19 ^ Computed as (Current month demand collected + Overdues collected)/(Current month demand due for the month) without considering restructured contracts on standalone basis Disbursements → Steady YoY Historical Disbursements (Rs. in crores) Q1 Q2 Q3 Q4 FY FY 2025 12,741 (5% yoy) 13,162 (-1% yoy) 16,467 (7% yoy) 15,530 (2% yoy) 57,900 (3% yoy) FY 2024 12,165 13,315 15,436 15,292 56,208 FY 2023 9,472 11,824 14,467 13,778 49,541 Collection Efficiency^ Q1 Q2 Q3 Q4 FY FY 2025 94% 96% 95% 97% 95% FY 2024 94% 96% 95% 98% 96% FY 2023 94% 97% 95% 99% 96%
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20 7.7% 4.5% 3.4% 3.7%3.4% 1.9% 1.3% 1.8% FY22 FY23 FY24 FY25 Gross Stage-3 Net Stage-3 Gross & Net Stage - 3 14.3% 6.0% 5.0% 5.4% FY22 FY23 FY24 FY25 Gross Stage - 2 Asset Quality → Overall Range-Bound on standalone basis
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21 Gross Stage-3 Stage 3 - Coverage Ratio 59.5% 63.2% 50.1% 51.2% Mar-23 Mar-24 Dec-24 Mar-25 4.5% 3.4% 3.9% 3.7% Mar-23 Mar-24 Dec-24 Mar-25 Asset quality under control Prudent Balance Sheet → Adequately Capitalized Capital Adequacy Adequately capitalized 22.5% 18.9% 17.8% 18.3% Mar-23 Mar-24 Dec-24 Mar-25 (15.1%) (15.2%)(16.4%)(19.9%) (Tier I- %)
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22 Growth Trajectory 9,719 11,056 13,562 16,075 FY22 FY23 FY24 FY25 989 1,984 1,760 FY22 FY23 FY24 FY25 3,725 3,752 4,178 4,765 FY22 FY23 FY24 FY25 Note : (1) Loan Book net of provisions. (2) PAT post exceptional items. Revenues (Rs. crores) Profit after Tax (2) (Rs. crores)Pre-Provisioning Operating Profit (Rs. crores) 60,445 79,455 99,195 1,16,214 FY22 FY23 FY24 FY25 Loan Book (1) (Rs. crores) on standalone basis 2,345 17% 19% 14% 33%
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23 Note : (1) Cost to Income calculated as Operating Expenses (including depreciation)/(Net Interest Income + Other Income). (2) Annualised - Calculated based on average total assets/ average networth Financial Performance 1.3% 2.3% 1.7% 1.9% FY22 FY23 FY24 FY25 6.5% 12.1% 10.0% 12.4% FY22 FY23 FY24 FY25 35.8% 42.1% 41.4% 41.7% FY22 FY23 FY24 FY25 Cost to income ratio (1) (%) Return on Assets (ROA) (2) (%) Asset Quality (%)Return on Net Worth (RONW) (2) (%) 58.1% Provision Coverage Ratio: Stage-3 Provisions/ Stage-3 Assets 59.5% 63.2% on standalone basis 7.7% 4.5% 3.4% 3.7%3.4% 1.9% 1.3% 1.8% FY22 FY23 FY24 FY25 Gross Stage-3 Net Stage-3 51.2%
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24 Particulars (Rs. in crores) Q4FY25 Q3FY25 Q-o-Q Q4FY24 Y-o-Y FY25 Revenue from operations (A) 4,241 4,143 2% 3,654 16% 16,019 Less: Finance cost (B) 2,090 2,046 2% 1,735 20% 7,898 NII (C= A-B) 2,151 2,097 3% 1,919 12% 8,121 Other Income (D) 4 1 52 56 Total Income (E=C+D) 2,156 2,099 3% 1,971 9% 8,176 Employee benefits expense (F) 498 489 2% 424 17% 1,903 Other expenses (G) 372 317 17% 313 19% 1,235 Depreciation and amortization (H) 73 70 3% 60 20% 273 Total Expenses (I=F+G+H) 943 877 8% 798 18% 3,411 Pre-Provisioning Operating Profit (J=E-I) 1,213 1,222 (1%) 1,173 3% 4,765 Provisions and write-offs (K) 457 9 341 34% 1,618 Profit before Exceptional items (L=J-K) 756 1,213 (38%) 832 (9%) 3,147 Exceptional Items (M) - - - - Profit before Tax (N=L+M) 756 1,213 (38%) 832 (9%) 3,147 Tax expense (O) 193 313 (39%) 213 (9%) 802 Net Profit after Taxes (P=N-O) 563 899 (37%) 619 (9%) 2,345 Figures re-grouped and rounded where found relevant Standalone Profit & Loss Account
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25 Particulars (Rs. in crores) FY25 FY24 Y-o-Y FY23 Revenue from operations (A) 16,019 13,407 19% 10,933 Less: Finance cost (B) 7,898 6,427 23% 4,577 NII (C= A-B) 8,121 6,980 16% 6,356 Other Income (D) 56 155 (64%) 123 Total Income (E=C+D) 8,176 7,135 15% 6,479 Employee benefits expense (F) 1,903 1,713 11% 1,584 Other expenses (G) 1,235 1,016 22% 956 Depreciation and amortization (H) 273 229 20% 187 Total Expenses (I=F+G+H) 3,411 2,957 15% 2,728 Pre-Provisioning Operating Profit (J=E-I) 4,765 4,178 14% 3,752 Provisions and write-offs (K) 1,618 1,823 (11%) 999 Profit before Exceptional items (L=J-K) 3,147 2,355 34% 2,753 Exceptional Items (M) - - - (55) Profit before Tax (N=L+M) 3,147 2,355 34% 2,698 Tax expense (O) 802 596 35% 714 Net Profit after Taxes (P=N-O) 2,345 1,760 33% 1,984 Figures re-grouped and rounded where found relevant Standalone Profit & Loss Account
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26 Particulars (Rs. in crores) As on Mar 31, 2025 As on Mar 31, 2024 As on Mar 31, 2023 ASSETS Financial Asset a) Cash and cash equivalents 1,667 311 250 b) Bank balance other than (a) above 3,869 2,956 3,954 c) Derivative financial instruments 31 d) Trade Receivables 53 25 22 e) Loans 1,16,214 99,195 79,455 f) Investments 10,400 9,651 9,989 g) Other Financial Assets 248 229 217 Financial Asset 1,32,482 1,12,367 93,887 Non-Financial Asset a) Current tax assets (Net) 602 610 504 b) Deferred tax assets (Net) 641 691 637 c) Property, plant and equipment 877 811 681 d) Intangible assets 238 120 14 e) Other non-financial assets 709 561 493 Non-Financial Assets 3,066 2,793 2,330 Total Assets 1,35,548 1,15,159 96,217 Figures re-grouped and rounded where found relevant Standalone Balance Sheet
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27 Particulars (Rs. in crores) As on Mar 31, 2025 As on Mar 31, 2024 As on Mar 31, 2023 LIABILITIES AND EQUITY Financial Liabilities a) Derivative financial instruments 390 335 181 b) Payables i) Trade payables 1,209 1,459 1,127 ii) Other payables 20 65 40 c) Debt Securities 26,205 27,697 25,728 d) Borrowings (Other than Debt Securities) 69,735 54,467 41,368 e) Deposits 11,404 7,544 5,874 f) Subordinated Liabilities 5,530 4,270 3,705 g) Other financial liabilities 791 688 654 Financial Liabilities 1,15,283 96,527 78,677 Non-Financial liabilities a) Current tax liabilities (Net) 70 119 66 b) Provisions 217 205 261 c) Other non-financial liabilities 166 151 124 Non-Financial Liabilities 453 475 450 Equity a) Equity Share capital 247 247 247 b) Other Equity 19,565 17,911 16,842 Equity 19,812 18,157 17,089 Total Equities and Liabilities 1,35,548 1,15,159 96,217 Figures re-grouped and rounded where found relevant Standalone Balance Sheet (Contd.)
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28 Particulars FY25 FY24 FY23 RONW (Avg. Net Worth) - annualised 12.4% 10.0% 12.1% Debt / Equity 5.70:1 5.18:1 4.49:1 Capital Adequacy 18.3% 18.9% 22.5% Tier I 15.2% 16.4% 19.9% Tier II 3.1% 2.5% 2.6% EPS (Basic) (Rs.)* 18.99 14.26 16.09 Book Value (Rs.) 160.4 147.0 138.3 Dividend % 325% 315% 300% No. of employees 25,261 26,662 26,329 Figures restated where found relevant Summary & Key Ratios on standalone basis
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29 Particulars (Rs. in crores) except figures in % Mar 31, 2025 Dec 31, 2024 Mar 31, 2024 Mar 31, 2023 Business Assets (including Provisions) 1,19,673 1,15,126 1,02,597 82,770 Gross Stage 3 4,414 4,525 3,491 3,717 Less: Stage 3 ECL Provisions 2,258 2,267 2,205 2,210 Net Stage 3 2,156 2,258 1,286 1,507 Gross Stage 3 as % of Business Assets 3.69% 3.93% 3.40% 4.49% Net Stage 3 as % of Business Assets 1.84% 2.00% 1.28% 1.87% Coverage Ratio (%) – based on Stage 3 ECL 51.2% 50.1% 63.2% 59.5% Stage 1 & 2 provision to Business Assets (%) 1.0% 1.1% 1.2% 1.3% Coverage Ratio (%) – including Stage 1 & 2 provision 78.4% 77.3% 97.4% 88.6% Figures restated, re-grouped and rounded where found relevant Stage 3 - Analysis on standalone basis
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30 Particulars (Rs. in crores) Q4FY25 Q3FY25 Q4FY24 FY25 FY24 FY23 Stage-1 Provisions 25 (31) 23 (7) 46 117 Stage-2 Provisions (56) (107) (66) 12 67 (651) Stage-3 Provisions (9) (296) (218)* 53 (5)* (680) Provisions – P&L Charge (40) (434) (260) 59 108 (1,214) Write-Offs 498 444 602 1,559 1,715 2,213 Total 457 9 341 1,618 1,823 999 Figures re-grouped and rounded where found relevant Credit Charge on standalone basis * Stage 3 Provisions include one time impact of Rs. 136 crores pertaining to the fraud at its branch in Mizoram
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31 Rs. in crores As on 31st Mar 2025 As on 31st Dec 2024 As on 31st Mar 2024 Business Assets (Amount and %) Provisions & Coverage Business Assets (Amount and %) Provisions & Coverage Business Assets (Amount and %) Provisions & Coverage Stage - 1 Assets 1,08,747 90.9% 598 0.6% 1,03,368 89.8% 571 0.6% 93,946 91.6% 606 0.6% Stage - 2 Assets 6,512 5.4% 602 9.3% 7,234 6.3% 658 9.1% 5,160 5.0% 590 11.4% Stage - 3 Assets 4,414 3.7% 2,258 51.2% 4,525 3.9% 2,267 50.1% 3,491 3.4% 2,205 63.2% Total 1,19,673 3,459 2.9% 1,15,126 3,496 3.0% 1,02,597 3,401 3.3% Rs. in crores IRACP (A)* IND-AS (B) Difference (B-A) Stage 1 and Stage 2 452 1,201 749 Stage 3 1,506 2,258 752 Total 1,958 3,459 1,501 *GNPA as per IRACP norm is Rs 6,176 cr v/s stage 3 assets as per IND-AS norm of Rs 4,414 cr Figures re-grouped and rounded where found relevant Stage-Wise Assets and Provisioning Comparison of IRACP and IND-AS Provisioning requirement Stage Wise Provisioning on standalone basis
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32 All figures in INR crores Investor Type Mar’25 Dec’ 24 Mar’24 Amount % Share % Share % Share Banks / Financial Institutions 70,409 63.4% 60.0% 59.0% Mutual Funds 4,374 3.9% 7.6% 7.0% Insurance & Pension Funds 16,131 14.5% 14.8% 16.9% FIIs & Corporates 11,611 10.5% 10.6% 7.9% Others 8,563 7.7% 7.0% 9.2% Total 1,11,088 100.0% 100% 100% Instrument Type Mar’25 Dec’ 24 Mar’24 Amount % Share % Share % Share NCDs 25,067 22.6% 23.4% 26.7% Retail NCDs 3,230 2.9% 3.1% 5.1% Bank / FI Loans 52,904 47.6% 48.3% 40.3% Offshore Borrowings 7,037 6.3% 3.4% 4.1% Fixed Deposits 10,926 9.8% 9.2% 7.4% CP, ICD, TREPS 3,202 2.9% 6.2% 7.5% Securitisation/ Assignment 8,721 7.9% 6.4% 8.9% Total 1,11,088 100% 100% 100% Computed based on FV/ Principal value Funding Mix by Investor Category Funding Mix by type of Instrument on standalone basis Broad Based Liability Mix 41% of the overall borrowing is at floating rate as of Mar’25 ^ Based on holding as at respective period ends
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33 ^ excl. Securitisation and as on Mar 31, 2025Based on provisional ALM as on Mar 31, 2025 Liability Maturity^ Apr-25 May-25 Jun-25 Q1 FY26 Jul-25 Aug-25 Sep-25 Q2 FY26 Next 6 months Bank Loans 1,057 1,786 2,278 5,121 719 1,149 3,443 5,311 10,085 Market Instruments (NCD/ CP etc.) 2,900 750 1,646 5,296 300 50 760 1,110 2,340 Others (FD/ ICD) 961 148 223 1,332 283 291 398 971 1,717 Total 4,918 2,684 4,148 11,749 1,302 1,490 4,600 7,392 14,142 In addition to undrawn sanctioned lines, the Company held Cash/ Liquid investments of ~ INR 10,400 crores All figures in Rs. crores 13,920 19,402 25,370 36,654 56,413 1,12,604 1,31,639 8,492 11,717 16,439 24,198 45,766 99,010 1,12,448 0% 40% 80% 120% 160% 200% 240% 280% - 20,000 40,000 60,000 80,000 1,00,000 1,20,000 1,40,000 Upto 1 Month Upto 2 Month Upto 3 Month Upto 6 Month Upto 1 Year Upto 3 Year Upto 5 Year Cumulative Inflow Cumulative Outflow Cumulative Mismatch% ALM Position and Liability Maturity
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Executive Summary Financial Information - Consolidated Subsidiary Financials Company Overview ESG & CSR Providing Financial Solutions to Emerging India
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35 Disbursement Total Income Profit after Tax Rs. 456 croresRs. 16,328 crores Rs. 4,897 crores Rs. 671 croresRs. 16,174 crores Rs. 4,333 crores Q4 FY25 Q4 FY24 Key Financials 1% 13% 32% on consolidated basis Rs. 60,741 crores Rs. 58,647 crores 4% Rs. 18,530 crores Rs. 15,970 crores 16% Rs. 2,261 crores Rs. 1,943 crores 16% FY25 FY24
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36 Particulars (Rs. in crores) Q4 FY25 Q3 FY25 Q-o-Q Q4 FY24 Y-o-Y Revenue from operations (A) 4,886 4,797 2% 4,280 14% Less: Finance cost (B) 2,218 2,175 2% 1,861 19% NII (C= A-B) 2,668 2,622 2% 2,419 10% Other Income (D) 11 3 53 (79%) Total Income (E=C+D) 2,679 2,625 2% 2,472 8% Employee benefits expense (F) 608 597 2% 560 9% Other expenses (G) 696 632 10% 590 18% Depreciation and amortization (H) 85 82 3% 72 17% Total Expenses (I=F+G+H) 1,389 1,312 6% 1,222 14% Pre-Provisioning Operating Profit (J=E-I) 1,290 1,313 (2%) 1,250 3% Provisions and write-offs (K) 697 96 370 88% Profit before Exceptional items (L=J-K) 594 1,217 (51%) 880 (33%) Exceptional Items (M) Share of Profit of Associates (N) 16 16 (0%) 15 3% Profit before taxes (O= L+M+N) 609 1,233 (51%) 896 (32%) Tax expense (P) 153 315 (51%) 225 (32%) Net Profit after Taxes (Q=O-P) 456 918 (50%) 671 (32%) Figures re-grouped and rounded where found relevant Consolidated Profit & Loss Account
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37 Particulars (Rs. in crores) FY25 FY24 Y-o-Y FY23 Revenue from operations (A) 18,463 15,797 17% 12,699 Less: Finance cost (B) 8,415 6,959 21% 5,094 NII (C= A-B) 10,048 8,838 14% 7,605 Other Income (D) 67 173 (61%) 133 Total Income (E=C+D) 10,115 9,011 12% 7,738 Employee benefits expense (F) 2,355 2,261 4% 2,115 Other expenses (G) 2,392 1,987 20% 1,398 Depreciation and amortization (H) 321 275 17% 226 Total Expenses (I=F+G+H) 5,068 4,523 12% 3,739 Pre-Provisioning Operating Profit (J=E-I) 5,047 4,488 12% 3,999 Provisions and write-offs (K) ^ 2,085 1,956 7% 1,182 Profit before Exceptional items (L=J-K) 2,962 2,532 17% 2,817 Exceptional Items (M) - - - -56 Share of Profit of Associates (N) 65 56 16% 43 Profit before taxes (O= L+M+N) 3,027 2,588 17% 2,804 Tax expense (P) 766 645 19% 733 Net Profit after Taxes (Q=O-P) 2,261 1,943 16% 2,071 Figures re-grouped and rounded where found relevant Consolidated Profit & Loss Account
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38 Particulars (Rs. in crores) As on Mar 31, 2025 As on Mar 31, 2024 As on Mar 31, 2023 ASSETS Financial Asset a) Cash and cash equivalents 1,830 904 587 b) Bank balance other than (a) above 4,017 3,172 4,889 c) Derivative financial instruments 31 - - d) Trade Receivables 247 173 98 e) Loans 1,23,514 1,06,344 86,456 f) Investments 10,590 9,598 10,063 g) Other Financial Assets 263 252 256 Financial Asset 1,40,491 1,20,442 1,02,348 Non-Financial Asset a) Current tax assets (Net) 736 733 569 b) Deferred tax Assets (Net) 829 802 746 c) Property, plant and equipment (includes CWIP) 1,028 983 855 d) Intangible assets (includes under development) 245 130 18 e) Other non-financial assets 776 625 549 Non-Financial Assets 3,614 3,273 2,736 Total Assets 1,44,105 1,23,716 1,05,085 Figures re-grouped and rounded where found relevant Consolidated Balance Sheet
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39 Particulars (Rs. in crores) As on Mar 31, 2025 As on Mar 31, 2024 As on Mar 31, 2023 LIABILITIES AND EQUITY Financial Liabilities a) Derivative financial instruments 392 335 181 b) Payables i) Trade payables 1,441 1,679 1,246 ii) Other payables 21 65 40 c) Debt Securities 29,862 30,985 29,044 d) Borrowings (Other than Debt Securities) 71,754 56,944 44,295 e) Deposits 11,374 7,533 5,804 f) Subordinated Liabilities 6,104 4,753 4,188 g) Other financial liabilities 1,042 878 1,063 Financial Liabilities 1,21,989 1,03,172 85,861 Non-Financial liabilities a) Current tax liabilities (Net) 82 129 74 b) Provisions 257 255 309 c) Other non-financial liabilities 205 186 139 Non-Financial Liabilities 544 569 523 Equity a) Equity Share capital 247 247 247 b) Other Equity 21,282 19,686 18,313 c) Non-controlling interests 44 42 141 Equity (incl. attributable to minority investors) 21,573 19,975 18,701 Total Equities and Liabilities 1,44,105 1,23,716 1,05,085 Figures re-grouped and rounded where found relevant Consolidated Balance Sheet (Contd.)
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Executive Summary Financial Information Subsidiary Financials Company Overview ESG & CSR Providing Financial Solutions to Emerging India
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41 Particulars (Rs. in crores) Q4FY25 Q4FY24 FY25 FY24 FY23 Loans disbursed 543 746 2,022 2,071 2,004 Loans & Advances (net) 6,894 6,933 6,894 6,933 6,845 Total income 296 310 1,197 1,294 1,350 PBT (204) 1 (305) 5 26 PAT (152) 1 (228) 4 22 Net-worth 1,260 1,488 1,260 1,488 1,482 Gross Stage 3 % 8.65% 9.03% 8.65% 9.03% 10.46% Net Stage 3 % 1.41% 6.29% 1.41% 6.29% 7.80% ▪ Business Area: Provide loans for home construction, extension, purchase and improvement to customers in rural and semi-urban India ▪ Shareholding pattern: MMFSL – 98.43%; MRHFL Employee Welfare Trust and Employees – 1.57% ▪ Reach: Currently spread in 16 States & 3 Union Territory Figures re-grouped and rounded where found relevant Mahindra Rural Housing Finance Limited
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42 Particulars (Rs. in crores) Q4FY25 Q4FY24 FY25 FY24 FY23 Gross Premium 1,381 1,387 4,739 4,556 4,037 Total income 343 311 1,240 1,095 427 PBT 37 46 124 168 46 PAT 27 34 89 124 34 No. of employees (nos.) 589 725 589 725 765 * MIBL became wholly owned subsidiary of the company w.e.f 22nd September 2023. ▪ Business Area: Licensed by IRDAI for undertaking insurance broking in Life, Non-Life and reinsurance businesses ▪ Shareholding pattern: MMFSL – 100%* Mahindra Insurance Brokers Limited FY25 financial performance of MIBL does not include insurance revenues on MMFSL Business from Jun’24, since MMFSL obtained Corporate Agency License.
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43 Particulars (in LKR Mn) Q4FY25 Q4FY24 Year ended March -25 Year ended March -24 Year ended March -23 Loans disbursed 8,985 4,905 29,473 13,941 9,907 Loans & Advances (net) 14,803 8,543 14,803 8,543 7,124 Total income 775 591 2,741 2,309 1,924 PBT* 178 88 433 334 248 PAT 69 24 146 103 87 Net-worth 3,083 2,932 3,083 2,932 2,835 Gross Stage 3 % (including Gold loans) 1.9% 5.3% 1.9% 5.3% 20.5% Net Stage 3 % (including Gold loans) 1.2% 4.2% 1.2% 4.2% 18.7% ▪ Business Area: Provide Gold loans and lease/ loan against vehicles in Sri-Lankan market ▪ Shareholding pattern: MMFSL holds 58.2% stake. ▪ Reach: 35 branches across Sri Lanka Figures re-grouped and rounded where found relevant Mahindra Ideal Finance Limited * before VAT and Income Tax
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Executive Summary Financial Information Subsidiary Financials Company Overview ESG & CSR Providing Financial Solutions to Emerging India
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45 *Source: Market capitalisation as of April 21, 2025, from BSE website Parentage Mahindra & Mahindra Financial Services Limited (“MMFSL”) is a subsidiary of Mahindra and Mahindra Limited (M.Cap: Rs 3.44 trillion)* Company Background About MMFSL MMFSL (M.Cap: Rs 341 billion)*, one of India’s leading non-banking finance companies focused in the rural and semi-urban sector Key Business Area Primarily operates in the business of financing purchase of new and pre-owned auto and utility vehicles, tractors, cars, CV/ CE and SME Financing Vision MMFSL’s vision is to be a Leading and responsible financial solutions partner of choice for Emerging India Reach Has 1,365 offices covering 27 states and 7 union territories in India, with over 11 million customer contracts since inception Credit Ratings All rating agencies – CRISIL, India Ratings, CARE ad Brickwork has assigned AAA/Stable rating to the Company’s long term and subordinated debt
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“Leading and Responsible Financial Solutions Partner of Choice for Emerging India” 1,350+ Branches 11M+ Customers 10+ OEMs 6,000+ Dealers 100K Cr AUM – FY’24 Our DNA Wheels MSME LAP/HL FD Mutual Fund Insurance PL ScaleCustomer Customer Offerings Bharat ke PAAS Bharat ke SAATH Timely Right Offering Trust Accessible Our Mantra Vision 46
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47 52.16% Mahindra & Mahindra Financial Services Limited Mahindra & Mahindra Limited Note: 1. MIBL became wholly owned subsidiary of the company w.e.f 22nd September 2023. 2. Balance 1.57% held by MRHFL Employee Welfare Trust and employees 3. Manulife Investment Management (Singapore) Pte. Ltd. holds 49% of the shareholding of MMIMPL and MMTPL. 4. MIFL w.e.f. 8th July 2021 is a subsidiary of the Company 5. Mahindra Finance CSR Foundation is a wholly-owned subsidiary of MMFSL w.e.f 2nd April 2019, involved in engaging and promoting CSR projects and CSR activities of the Company and its group Companies Mahindra Insurance Brokers Limited (“MIBL”) Mahindra Rural Housing Finance Limited (“MRHFL”) Mahindra Finance USA LLC (Joint venture with Rabobank group subsidiary) Mahindra Manulife Investment Management Pvt. Ltd (“MMIMPL”) Mahindra Manulife Trustee Pvt. Ltd (“MMTPL”) Mahindra Ideal Finance Ltd (“MIFL”), Sri Lanka 100%(1) 98.43%(2) 49% 51%(3) 51%(3) 58.2%(4) MMFSL Group Structure
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48 Completed IPO, Subscribed ~ 27 times Commenced Housing Finance business through MRHFL Raised Rs. 414 crores through Private Equity Equity participation of 12.5%by NHB in MRHFL Recommenced Fixed Deposit Program Crossed 1 million cumulative customer contracts QIP Issue of Rs. 426 crores JV with Rabobank subsidiary for tractor financing in USA Stake sale in MIBL to Inclusion Resources Pvt. Ltd. QIP Issue of Rs. 867 crores Long term debt rating upgraded to AAA by India Ratings and Brickwork. CARE Ratings assigned AAA rating to long term debt Certificate of Registration received from SEBI by Mahindra Mutual Fund Maiden Retail NCD Issue of Rs. 1000 crores Oversubscribed over 7x of base issue size of Rs. 250 crores Sale of 5% of MIBL at a valuation of Rs. 1,300 crores QIP Issuance : Rs. 1,056 crores; Preferential Issue to M&M : Rs. 1,055 crores Rights Issue of Rs. 3,089 crores Long term debt rating upgraded to AAA by CRISIL Crossed 9 million cumulative customer contracts Received Corporate Agency License from IRDAI FY 06 FY 08 FY 09 FY 10 FY 11 FY 13 FY 15 FY 16 FY 17 FY 18 FY 20 FY 21 FY 23 FY 24 FY 25 Our Journey Partnered with Manulife for Mutual Fund business Invested in Ideal Finance for providing financial services in Sri Lanka AUM crosses 1 Lakh Crore z
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49 Mahindra & Mahindra Limited holds a stake of 52.16% in the Company 52.16% 0.05% 10.68% 31.31% 5.80% Promoter Esop Trust FII Mutual Funds and DIIs Non-Institutions Shareholding Pattern Top 10 Public Shareholders Shareholding Pattern (as on March 31, 2025) ▪ Life Insurance Corporation of India ▪ HDFC Mutual Fund ▪ SBI Mutual Fund ▪ HDFC Life Insurance Company Limited ▪ Kotak Mahindra Mutual Fund ▪ Ashish Dhawan ▪ Government Pension Fund Global ▪ Sundaram Mutual Fund ▪ Bank Muscat India Fund ▪ Nippon Life India Mutual Fund
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50 ▪ Extensive branch network with presence in 27 states and 7 union territories in India through 1,365 offices ▪ Branches have authority to approve loans within prescribed guidelines 256 436 547 893 1182 1322 1386 1370 1365 Mar'06 Mar'08 Mar'11 Mar'14 Mar'17 Mar'20 Mar'23 Mar'24 Mar'25 14% 12% 12% 14%18% 17% 13% 2 21 33 26 28 17 36 111 165 139 77 1 108 64 1 58 2 51 63 45 2 1 3 64 32 35 50 22 69 8 4 44 Delhi Jaipur Lucknow KolkataThane 2 HyderabadChennai 1 Coverage (Circle HQ) Extensive Branch Network Branch Network as of
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51 Vehicle Financing Loans for auto and utility vehicles, tractors, cars, commercial vehicles and construction equipments Pre-Owned Vehicles Loans for pre-owned cars, multi-utility vehicles, tractors and commercial vehicles SME Financing Loans for varied purposes like project finance, equipment finance and working capital finance Personal Loans Offers personal loans typically for weddings, children’s education, medical treatment and working capital Mutual Fund Distribution Advises clients on investing money through AMFI certified professionals Insurance Distribution Insurance solutions to our retail customers through Corporate Agency License Housing Finance Loans for buying, renovating, extending and improving homes in rural and semi-urban India through our subsidiary MRHFL Mutual Fund & AMC Asset Management Company/ Investment Manager to ‘Mahindra Manulife Mutual Fund’, Diversified Product Portfolio Insurance Broking Insurance solutions to retail customers as well as corporations through our subsidiary MIBL
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52 India Ratings Outlook CRISIL Outlook CARE Ratings Outlook Long term Issuer Rating; Bank Facility; Non-Convertible Debenture (incl. MLD) and Subordinated debt; Fixed Deposit Short term Bank Facility & Commercial Paper IND AAA IND PP-MLD AAA Short term Bank Facility & Commercial Paper Stable -IND A1+ StableCRISIL AAA -CRISIL A1+ CARE AAA Stable Our strong credit rating and brand equity enables us to borrow funds at competitive rates Brickwork Outlook BWR AAA Stable Long term Bank Facility; Non-Convertible Debenture and Subordinated debt; Fixed Deposit Long term Non-Convertible Debenture and Subordinated debt Long term Subordinated debt Credit Rating
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53 Awards & Accolades Won “Best in Talent & Workforce”by Business Today for our outstanding achievements in talent management and workforce development. Awarded “Employee Choice Awards 2024 – Top-rated large company & Top-rated financial services” by AmbitionBox for our exceptional employee satisfaction and excellence in creating a supportive & rewarding work environment. 53
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Executive Summary Financial Information Subsidiary Financials Company Overview ESG & CSR Providing Financial Solutions to Emerging India
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55 “Dhan Samvaad” - CSR Flagship Program o Launched Dhan Samvaad for “Financial & Digital Literacy” , to impact 1 Mn individuals by 2030 o To train underprivileged communities on financial planning, importance of saving, investment, insurance, online banking, safeguard from digital frauds, borrow responsibly and enroll them for DigiLocker app & various social welfare schemes. >2,00,000 Individuals Trained 76% Adoption of Digi Locker Application 65% Linkages with Social Securities schemes 38% Women participants
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56 CSR Impact >14,500 Girls assisted for elementary education - Nanhi Kali Program >48,000 Women Skilled through Mahindra Pride program on domains such as Agriculture, Tally, Coding etc ~3000 Underprivileged students assisted with educational scholarship through Saksham 550 Women trained in driving E-Rickshaw to enhance livelihood opportunities Potential created for ~3 Crs litres of water through 11 Rain-Water Harvesting Structures, 3 check dams repaired and 1 lake distilled. 2,800+ beneficiaries impacted 77,000 trees planted on 570 farmers land in 30 villages to improve agricultural productivity through agroforestry practices 56
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Thank You Providing Financial Solutions to Emerging India