M&M Financial Services is currently the top loser on the BSE; the stock opened 6.5% lower at Rs.258.95, going down over 11.5% to an intraday low at Rs.245.05 and volumes are up 6x.

The market has given the stock a thumbs down to its Q2FY24 performance.

The company’s net profit fell 47.5% (YoY) at Rs.235 crore while its total income rose 24% to Rs.3241 crore.

The 14% increase in total provisions, rising from Rs.3775 crore to Rs.3295 crore is what got down the bottomline.

Net Interest income was at Rs.1674 crore, up 9% (YoY).

The net write-offs were lower at Rs 351 crore compared to Rs 543 crore (YoY).

In terms of asset quality, sequentially, Gross NPA went down from 6.7% to 4.29% and Net NPA was at 1.71% v/s 1.78%.