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Tractors and better cars drive M&M’s Q1 net profit but the future is electric

Equity benchmark <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> slumped over 300 points in early trade on Friday, tracking losses in index majors Reliance Industries, HDFC twins and Kotak Bank amid a negative trend in global markets and persistent foreign fund outflow. The 30-share index declined 319.82 points or 0.55 per cent to 57,581.32 in the opening trade. Similarly, the Nifty fell 91 points or 0.53 per cent to 17,157.40. Titan was the top loser in the Sensex pack, shedding over 3 per cent, followed by <keyword id="46869" type="General" weightage="20" keywordseo="mm" source="Orion">M&amp;M</keyword>, HUL, Maruti, Asian Paints and IndusInd Bank. On the other hand, <keyword id="6354512" type="General" weightage="20" keywordseo="infosys" source="Orion">Infosys</keyword>, <keyword id="6357150" type="General" weightage="20" keywordseo="tcs" source="Orion">TCS</keyword>, HCL Tech and <keyword id="43217" type="General" weightage="20" keywordseo="tech-mahindra" source="Orion">Tech Mahindra</keyword> were among the gainers. In the previous session, the 30-share equity benchmark advanced 113.11 points or 0.20 per cent to settle at 57,901.14, and Nifty rose 27 points or 0.16 per cent to 17,248.40. Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 1,468.71 crore on Thursday, according to stock exchange data. There are three major headwinds to the market now - the fast spreading Omicron variant, relentless selling by FIIs and hawkish central banks, said VK Vijayakumar, Chief investment Strategist at Geojit Financial Services. "The countervailing tailwinds are the bullish DIIs and retail investors and the smart rebound in growth and corporate earnings. With the Bank of England becoming the first major central bank to hike rates on Thursday, after the hawkish Fed stance, there is an increasing realisation that inflation is turning more durable than thought earlier," he noted. Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading with losses in mid-session deals. Stock exchanges on Wall Street ended on a negative note in the overnight session. Meanwhile, international oil benchmark Brent crude fell 0.79 per cent to USD 74.43 per barrel. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/shares-of-rategain-travel-technologies-disappoints-ipo-investors/articleshow/88332140.cms">RateGain Travel Technologies makes a disappointing listing at 10% discount</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/these-8-ipos-of-2021-more-than-doubled-investors-money-so-far/slidelist/88327505.cms">Easy Trip Planners, Macrotech Developers, Barbeque Nation among top 2021 IPOs that delivered up to 175% returns during the year</a>

Sensex tumbles over 300 points in early trade, Nifty slips below 17,200 — Titan, M&M, HUL, Maruti, Asian Paints and IndusInd Bank top losers

Negative global cues along with inflationary worries and mild profit bookings subdued India's key stock indices -- S&amp;P BSE <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> and NSE Nifty50 -- during the mid-afternoon trade session on Thursday. Initially, the two indices opened on a positive note. Among sectors, all of them traded in the red with loss leaders being Metals, Capital Goods, Auto, IT and Healthcare. At 2.30 p.m., the S&amp;P BSE Sensex of the BSE traded at 59,665.68 points, down 342.65 points or 0.57 per cent. It opened at 60,179.93 points from the previous close of 60,008.33 points. Similarly, the broader 50-scrip <keyword id="6354813" type="General" weightage="20" keywordseo="nifty" source="Orion">Nifty</keyword> at National Stock Exchange (NSE) traded lower. It traded at the 17,778.45 points, down 120.80 points or 0.67 per cent during the trade session. "Global markets are flat to mildly negative as traders weighed risks to the global recovery from the prospect of faster monetary-policy tightening to tackle inflation," said Deepak Jasani, Head of Retail Research, HDFC Securities. "Nifty has yet not breached 17,613 on the downside and hence large bearish moves can be ruled out for now." Likhita Chepa, Senior Research Analyst, CapitalVia Global Research, said: "Domestic sentiment is impacted by the negative cues from other Asian markets coupled with inflationary pressures partially driven by surging energy prices. "Our research suggests that if the 58,900-59,300 levels may act as an important support in the market. If the market sustained above 58,900, we can expect it to trade in the range of 58,900-60,200." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/apple-may-soon-open-physical-stores-in-mumbai-and-delhi-as-it-starts-hiring-for-different-roles/articleshow/87773561.cms">Apple may soon open physical stores in Mumbai and Delhi as it starts hiring for different roles</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/google-pay-users-in-india-will-soon-be-able-to-interact-in-hinglish-split-bills-and-sell-their-products-online/articleshow/87774356.cms">Google Pay users in India will soon be able to interact in Hinglish, split bills and sell their products online</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/zomato-is-now-bigger-than-paytm-reasons-why-the-market-is-not-excited-about-vijay-shekhar-sharmas-vision-of-a-superapp/articleshow/87777762.cms">Zomato is now bigger than Paytm — reasons why the market is not excited about Vijay Shekhar Sharma’s vision of a superapp</a>

Concerns over high global inflation keep Indian equity markets under pressure

Mumbai, <keyword id="6357096" type="General" weightage="20" keywordseo="Mahindra-Mahindra" source="Orion">Mahindra &amp; Mahindra</keyword> (M&amp;M) on Friday said its consolidated profit after tax grew 6 per cent to Rs 2,348 crore in September quarter 2023-24. The Mumbai-headquartered company had posted a PAT of Rs 2,209 crore in the July-September period of last fiscal, M&amp;M said in a statement. Revenue grew 15 per cent year-on-year to Rs 34,436 crore in the second quarter this fiscal, it added. The company said it witnessed robust performance across all businesses except Tech <keyword id="45224" type="General" weightage="20" keywordseo="Mahindra" source="Orion">Mahindra</keyword> which was impacted by weak demand and exits from non core accounts. "During second quarter, operating performance across auto, farm and services was robust. Auto rapidly grew to double its operating profit. Farm continues to be resilient despite tough market conditions," M&amp;M Managing Director &amp; CEO Anish Shah said in a regulatory filing. Tech Mahindra had a tough quarter, the company is now initiating the transformation journey in the business, he added. In the automotive sector, the company said its revenue grew 20 per cent year-on-year to Rs 18,869 crore in the September quarter. "We delivered yet another robust performance in this quarter. We have maintained our SUV revenue market share at 19.9 per cent while further improving our auto standalone PBIT margins," M&amp;M Executive Director &amp; CEO (Auto and Farm Sector) Rajesh Jejurikar said. In the tractor business, the company increased its market share by 150 basis points on the back of new launches of Oja, Swaraj Target and Naya Swaraj, he added. In volume terms, the company said it sold 2,12,078 vehicles in the quarter under review, as compared to 1,79,673 vehicles in the year-ago period, a growth of 18 per cent. Tractor sales were at 89,101 units in the quarter under review, as compared with 92,590 units in the same period a year ago, down 4 per cent. On a standalone basis, the company said its PAT grew by 67 per cent to Rs 3,452 crore in the second quarter as compared with Rs 2,068 crore in the same period last year. Shares of the company were trading 1.84 per cent down at Rs 1,524.60 apiece on the BSE.

Mahindra Q2 2023-24 PAT up 6% at Rs 2,348 cr

Equity benchmark <keyword id="6484188" type="PERSON" weightage="20" keywordseo="sensex">Sensex</keyword> advanced over 150 points in early trade on Friday, tracking gains in index majors <keyword id="45123" type="CITY" weightage="20" keywordseo="HDFC">HDFC</keyword> twins, <keyword id="106317" type="CITY" weightage="20" keywordseo="Asian-Paints">Asian Paints</keyword> and <keyword id="141968" type="CITY" weightage="20" keywordseo="HCL-Tech">HCL Tech</keyword> amid largely positive cues from global markets. The 30-share BSE index was trading 160.43 points or 0.33 per cent higher at 48,964.11. Similarly, the broader <keyword id="372424" type="COMPANY" weightage="20" keywordseo="NSE-Nifty">NSE Nifty</keyword> rose 63.35 points or 0.43 per cent to 14,644.80. UltraTech Cement was the top gainer in the Sensex pack, rising over 2 per cent, followed by Asian Paints, HCL Tech, HDFC, <keyword id="11107551" type="UNKNOWN" weightage="20" keywordseo="tech-mahindra-and-mm-">Tech Mahindra and M&amp;M.</keyword> On the other hand, ICICI Bank, Reliance Industries, Bajaj Finance and Axis Bank were among the laggards. In the previous session, Sensex ended 259.62 points or 0.53 per cent higher at 48,803.68, and <keyword id="6354813" type="COMPANY" weightage="20" keywordseo="Nifty">Nifty</keyword> advanced 76.65 points or 0.53 per cent to 14,581.45. Foreign institutional investors were net buyers in the capital market as they purchased shares worth ₹979.70 crore on Thursday, according to provisional exchange data. "A continued surge in the second wave of COVID-19 cases in the country, which already crossed 2 lakh daily cases, has certainly dented investors' sentiments. "However, the government's strong effort to expedite vaccination progress in the country by allowing multinational vaccines in domestic markets and absence of complete lockdown in <keyword id="13126" type="COMPANY" weightage="20" keywordseo="Maharashtra">Maharashtra</keyword> and Delhi offered some comfort to equities," said Binod Modi Head-Strategy at Reliance Securities. Elsewhere in Asia, bourses in Shanghai, Hong Kong and Tokyo were trading on a positive note in mid-session deals, while Seoul was in the red. Equities on Wall Street too ended with gains in overnight sessions. Meanwhile, international oil benchmark Brent crude was trading flat at USD 66.94 per barrel. SEE ALSO: <a href="https://www.businessinsider.in/business/news/flipkart-acquires-cleartrip-in-an-effort-to-cement-its-position-in-the-travel-booking-segment/articleshow/82081931.cms">Flipkart acquires Cleartrip in an effort to cement its position in the travel booking segment</a> <a href="https://www.businessinsider.in/science/health/news/remdesivir-injection-price-jumps-five-times-as-covid-19-cases-rise/articleshow/82083414.cms">The utter chaos and confusion over Remdesivir in India is making the COVID-19 second wave worse</a> <a href="https://www.businessinsider.in/careers/news/jira-and-trello-maker-atlassian-is-looking-to-hire-300-engineers-in-india-in-2021/articleshow/82083765.cms">Atlassian, the maker of Jira and Trello, is looking to hire 300 engineers in India this year</a>

Sensex jumps over 150 points in early trade, Nifty tests 14,650 — UltraTech Cement, Asian Paints, HCL Tech, HDFC, Tech Mahindra and M&M top gainers

Equity benchmark <keyword id="6484188" type="General" weightage="100" keywordseo="sensex" source="Orion">Sensex</keyword> jumped over 214 points in early trade on Thursday, tracking gains in index majors HDFC twins, <keyword id="6355199" type="General" weightage="80" keywordseo="reliance-industries" source="Orion">Reliance Industries</keyword> and <keyword id="6912" type="General" weightage="80" keywordseo="maruti" source="Orion">Maruti</keyword> amid largely positive cues from Asian peers. The 30-share index was trading 214.43 points or 0.37 per cent higher at 57,899.22 in initial deals. Similarly, the <keyword id="6354813" type="General" weightage="80" keywordseo="nifty" source="Orion">Nifty</keyword> rose 53.95 points or 0.31 per cent to 17,220.85. M&amp;M was the top gainer in the Sensex pack, rising 2.38 per cent. HDFC, PowerGrid, Titan, Sun Pharma, Maruti, HCL Tech and Reliance Industries, were among the other gainers. On the other hand, L&amp;T, ICICI Bank, Nestle India, Axis Bank and <keyword id="43217" type="General" weightage="20" keywordseo="tech-mahindra" source="Orion">Tech Mahindra</keyword> were among the losers. In the previous session, the 30-share <keyword id="53232" type="General" weightage="20" keywordseo="bse-sensex" source="Orion">BSE Sensex</keyword> rallied 619.92 points or 1.09 per cent to close at 57,684.79. Similarly, the NSE Nifty surged 183.70 points or 1.08 per cent to 17,166.90. Elsewhere in Asia, bourses in Shanghai, Hong Kong and Seoul were trading with gains in mid-session deals, while Tokyo was in the red. Stock exchanges in the US ended with losses in the overnight session. International oil benchmark Brent crude rose 1.07 per cent to USD 69.61 per barrel. Meanwhile, India's merchandise exports rose 26.49 per cent year-on-year to USD 29.88 billion in November on better performance by key sectors, while the trade deficit hit a record high of USD 23.27 billion as imports of crude oil and gold spiked. Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 2,765.84 crore on Wednesday, as per exchange data. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/star-health-insurance-ipo-subscription-last-day-today-poor-response-from-investors/articleshow/88037067.cms">Star Health Insurance IPO receives poor response from investors, subscribed only 20% in first two days</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tega-industries-ipo-second-day-for-subscription-gmp-at-370/articleshow/88035728.cms">Tega Industries’ IPO oversubscribed on Day 1 — GMP at ₹370</a>

Sensex jumps 214 points in early trade; Nifty tops 17,220 — M&M, HDFC, PowerGrid, Titan, Sun Pharma, Maruti, HCL Tech and Reliance Industries top gainers

<keyword id="6357096" type="General" weightage="20" keywordseo="mahindra-mahindra" source="Orion">Mahindra &amp; Mahindra</keyword> on Monday announced a collaboration with chip-maker Qualcomm to bring latest technology advancements for comfortable, safe and intelligent driving experiences in its all-new Scorpio-N vehicle. The chip-maker will work with automotive electronics company Visteon Corporation to bring world-class, transformative in-vehicle experiences to the all-new Scorpio-N, using its 3rd Generation Snapdragon Cockpit Platforms. "We are applying over two decades of auto expertise to transform the Scorpio-N into a digitally advanced and feature-rich SUV," said <keyword id="10106425" type="General" weightage="80" keywordseo="uday-dodla" source="Orion">Uday Dodla</keyword>, Senior Director, <keyword id="355602" type="General" weightage="80" keywordseo="business-development" source="Orion">Business Development</keyword>, Qualcomm India. The 3rd Generation Snapdragon Cockpit Platforms are designed to support higher levels of computing and intelligence needed for advanced capabilities featured in next-generation vehicles, helping to enable contextual safety use cases for drivers and passengers. It includes facilitating driver monitoring and object detection, as well as helping to ensure the security of personal and vehicular data. Additionally, the 3rd Generation Snapdragon Cockpit Platforms feature an advanced suite of wireless technologies to support multi-mode cellular connectivity, Wi-Fi 6, as well as enhanced Bluetooth technologies, said the company. "Using the advanced capabilities of the <keyword id="14548687" type="General" weightage="80" keywordseo="snapdragon-automotive" source="Orion">Snapdragon Automotive</keyword> technologies integrated in our SUVs, we are reimagining the standard for an intelligently connected vehicle and delivering a safer and engaging driving experience," said R Velusamy, President, <keyword id="645723" type="General" weightage="80" keywordseo="automotive-technology" source="Orion">Automotive Technology</keyword> and <keyword id="187755" type="General" weightage="80" keywordseo="product-development" source="Orion">Product Development</keyword>, M&amp;M Ltd. The Scorpio-N offers a cutting-edge driving and ownership experience provided by Mahindra's connected artificial intelligence (AI) technology, which utilises Visteon's SmartCore cockpit domain controller technology based on the Snapdragon Cockpit Platforms. The Scorpio-N features a 17.78 cm colour driver information display and 20.32 cm infotainment system with navigation. Qualcomm offers advanced automotive technologies through the '<keyword id="13620423" type="General" weightage="80" keywordseo="snapdragon-digital-chassis" source="Orion">Snapdragon Digital Chassis</keyword>', which is a suite of cloud-connected platforms for telematics, <keyword id="50691" type="General" weightage="80" keywordseo="digital" source="Orion">digital</keyword> cockpit solutions, advanced driver assistance systems (ADAS)/autonomous driving, cellular vehicle-to-everything (C-V2X), and car-to-cloud solutions. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/list-of-top-new-upcoming-whatsapp-features-in-second-half-2022/articleshow/93103440.cms">From avatars to hiding online status—list of top new upcoming WhatsApp features</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/india-has-the-highest-rate-of-women-taking-action-against-harassment-calls-and-messages/articleshow/93107553.cms">India has the highest rate of women taking action against harassment calls and messages</a>

Mahindra to collaborate with Qualcomm tech in its all-new Scorpio-N vehicle.

The Indian equity market started the year 2022 on a positive note on Monday, with the benchmark <keyword id="35140" type="General" weightage="80" keywordseo="bse" source="Orion">BSE</keyword> <keyword id="6484188" type="General" weightage="100" keywordseo="sensex" source="Orion">Sensex</keyword> rising about 340 points in opening trade on account of hectic buying in IT and power stocks. Starting off the session confidently, the BSE gauge further strengthened its gains as the morning trade progressed and was trading at 58,593.26, showing a rise of 339.44 points or 0.58 per cent. Likewise, the <keyword id="372424" type="General" weightage="20" keywordseo="nse-nifty" source="Orion">NSE Nifty</keyword> rose 108.90 points or 0.63 per cent to trade at 17,462.95 in opening deals. On the Sensex chart, TCS, Maruti, HCL Tech, L&amp;T, <keyword id="43217" type="General" weightage="20" keywordseo="tech-mahindra" source="Orion">Tech Mahindra</keyword> and <keyword id="10862" type="General" weightage="20" keywordseo="wipro" source="Orion">Wipro</keyword> were among the prominent gainers. In contrast, IndusInd Bank, M&amp;M, Titan, Dr Reddy's and HUL were trading in the red. Sectorally, BSE auto, IT and Pharma indices were trading with significant gains. The Indian equity market ended the year 2021 on a high note on Friday. On the last trading day of 2021, the Sensex closed 459.50 points or 0.80 per cent higher at 58,253.82 and the <keyword id="6354813" type="General" weightage="80" keywordseo="nifty" source="Orion">Nifty</keyword> ended 150.10 points or 0.87 per cent up at 17,354.05. On Friday, foreign institutional investors (FIIs) were net buyers in the capital market, as they purchased shares worth Rs 575.39 crore, according to stock exchange data. Elsewhere in Asia, bourses had mixed responses from participants on the first trading day of 2022. Meanwhile, international oil benchmark Brent crude rose 0.69 per cent to USD 78.24 per barrel. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tata-motors-stock-at-2-month-high-on-becoming-second-largest-car-seller-in-india/articleshow/88660095.cms">Tata Motors’ stock at nearly two-month high after selling more cars than Hyundai in December</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/whatsapp-india-banned-1-7-million-user-accounts-in-november-last-year/articleshow/88659277.cms">Thanks to India’s new IT rules, WhatsApp banned 1.7 million user accounts in November last year</a>

Sensex, Nifty start 2022 on a positive note; TCS, Maruti, HCL Tech, L&T, Tech Mahindra and Wipro top gainers

<ul><li><keyword id="81680" type="COMPANY" weightage="20" keywordseo="MM-Financial-Services">M&amp;M Financial Services</keyword> is hitting the market with a ₹3,089 crore rights issue, today.</li><li>Business Insider caught up with the Vice Chairman and Managing Director <keyword id="284481" type="PERSON" weightage="20" keywordseo="Ramesh-Iyer">Ramesh Iyer</keyword> in an exclusive chat and posed the following questions. </li></ul>M&amp;M Financial Services, a non-banking finance company with a market capitalisation of ₹15,000 crore (over $2 billion), is hitting the market with a ₹3,089 crore rights issue. Existing shareholders will get rights to buy additional shares in the company at a cost of ₹50 a piece, a discount to the current market rate of a little less than ₹130. This kind of fundraising is usually undertaken to shore up capital and increase the net worth of the company. <div type="image" title="M&amp;amp;M share fin" msid="77212373" hostid="261"></div> However, this says a lot about what the company believes are the prospects in the near term. Business Insider caught up with the Vice Chairman and Managing Director Ramesh Iyer in an exclusive chat and posed the following questions. You can watch the entire interview here. <div type="twitter" handle="BiIndia" handlename="Business Insider India🇮🇳" image="http://pbs.twimg.com/profile_images/1232926719016718336/sfffJHNV_normal.jpg" favoritecount="6" retweetcount="0" status="#HangoutwithBI | @BiIndia's @iyer_sriram in conversation with @ramesh_md, VC &amp; MD of @MahindraFin as investors prep… https://t.co/bQBjcyl9k7" createdat="1595842176000" id="1287681535068344321"></div> These are the edited transcripts of the interview. What do you make of the market reaction that the stocks have been tumbling down for the past few days? Why aren't investors excited about this? So, I am not too sure the market going down has anything to do with the Rights (issue). I think there is mixed news coming around on what's happening in rural (areas), how the market is panning out, if there's going to be a next moratorium, right? And, if the moratorium was not to be there, how do the NPA’s and the industries start to perform? So, I think it's all at the back of the performance and not anything to do with the Rights Issue. What is the goal of the rights issue? So clearly it boosts the capital base but the overall money is about ₹3,100 crore, which is at the current level equal to one-months disbursement. So, don't look at it from a cash flow perspective, look it from a cash boost perspective. Straight away from the 15-17% capital adequacy you go to 19-20% adequacy level, which gives you phenomenal leverage capital and gives you room space for growth in future. And, for some reason, you know the market conditions turn negative because of COVID. And (if) COVID turns much larger than anybody imagines, then it also addresses your insolvency issues and you remain absolutely strong. So it's a stitch in time or preparing for the worst and aiming for the best? I think when we discussed the need for capital and Rights Issue as a format in April, obviously, we thought we should prepare for the worst. Because you know the lockdown has just begun and nobody had a clue on how long it will stretch and the moratorium got announced, and you know everything is going negative, no sales happening. That's why everyone wanted to be prepared for the future. As came May and June, and then we started seeing the phenomenal revival of the rural market. The pitch turned to that if things are getting better, you will have a phenomenal opportunity of taking the growth of 35% (YoY), and that, again, will need capital. So you are gunning or 35% growth again this year? Not this year, this year is out of the question. I think nobody will talk about growth this year. I think everybody should look at … if it's beginning to happen. If you look at March volumes, it will be at 50-60% of the previous year. Because you have already lost a quarter without doing much in the market. And, July and August are not going to be kind of very aggressive. Anything that will happen will happen post-October. Any growth anyone is taking is I guess 2021, 2022, 2023 kind of a story. I think FY21 is gone, you will have much smaller volumes, and all of ourselves will fight to keep ourselves afloat. Let's talk about cost-cutting and the changes you are making? Cost of funds has definitely come down as you said. And, you know, even pre-COVID, if you look at our Q2, Q3 last year also. We have said that we will also focus on various cost initiatives, and we look at line item wise. For a company like ours, we will not have only one line item completely cut by, and that will save a lot of costs. So are you shutting down branches? No, we are not. So what we are actually doing is we have looked at each line. For example, we looked at the branch rent rationalising. So we renegotiated rent, we have moved to new places and all kinds of stuff. The second is all the peripherals attached to the branch like securities or weather BPO services, below the line advertising and funding exercises, the travelling and conveyance expenses. So if you use a little more technology and digital, you will be able to bring down conveyance cost. On the people front, our belief has been very different and very strong. We think that if at all you are talking of people cost that should be the last to look at but can't be the starting point. We have cumulatively 2 million customers from whom we have to recover money. So you need people for that, you may not grow that year, but you need people for what you have done already. And, branches are on that also. Each branch will have 3000-4000 customers to manage. You can't just shut a branch looking at some few thousand rupee cost. Once the market revives, some of those expenses will return. But our own understanding is that at least about 20% of the expenses come down from the previous year, even if things were to return to absolute normalcy. Your NPAs level is around 10%. Is that correct and if that is correct, where do you see this by the end of March? So two things have happened while the gross has been a little higher than March, but the net has been lower than March. So we have taken a little aggressive position based on the geographies and based on certain product behaviours and segments, there have been some higher provisions. So as we progress you the next six months, which is normally the good six months, we would not see a decline in the gross NPA, and we will maintain our stance on aggressive provisions. And, we will have a very close look at understanding what's happening in the market. And, if we start seeing things are not improving as we think, then we may take higher provision, whichever is necessary. COVID is now spreading beyond cities, is that something you are taking into account yet? I think it is important to look at rural from a very different perspective. We are seeing UP, we are seeing cases, we are seeing Bihar, we are seeing cases. But is it concentrated at one place, no, unlike major cities where it is concentrated in numbers. In rural it's a very wide number like in some villages 2 cases and in some other villages some few cases, so it does not affect the overall economic activity of that place. So even as we speak and we are also seeing this number going up in different cities, but that's not affecting the local activity completely, because it's not concentrated and the activities are spread across like farming, that is not going to be affected even if some cases are there. What has been the trend like for M&amp;M Financial Services? In June more than 40% of the people who opted for the moratorium have actually repaid their instalments. My understanding is you will see from the fourth quarter, i.e. January onwards or maybe for October, you will start seeing good trends but Jan onwards one can start seeing the infra cash flow coming in. And that should do good for the rural. What have your collection trends been like? From April to May, it was double of April. April was a disaster at 14-15%. It went to 25% or 30 in May. And went up to upwards of 77% in June. And, July good news is that as we see our numbers. It is equal or better than our June number. It's holding up very well. Does that seem like a level that's going to continue for some time? I think July-August enrols no major activity even in normal time, when monsoon is around the economic activity comes down. The real test will be what happens in the third quarter— post the monsoon. How does the festival season pan out - when the activity begins to happen. And when the monsoon ends, what's the outcome of the monsoon? Is the yield likely to be good? I think the third quarter will be the test, and you will start seeing post-November money will start coming in, stretching till February. What happens if the government goes for another lockdown and another moratorium ? What at least we see from a retail customer perspective is not all of them need a 90-day moratorium. Some of them need a restructuring of the loan because they need a smaller EMI because their income has shrunk and they are not able to repay so much, Some of them want a much extended period of debit. Some of them want a shorter moratorium; maybe a 1-month moratorium because let's take a farmer, he may say my money is going to come in November, right, so please give me 30 or a 45-day moratorium, not a 90 day because I don't want to bear that interest. So, if you were to take it this way then my point of view would be— restructuring would be a good approach where an institution can look at each customer and segment and then look at what is required. For example, a heavy commercial vehicle operator, 90 days may be insufficient because he may start earning only post-January or whenever because currently, he has no volumes to carry, Right? So, now you have given 90 days, he will consume that 90 days, and again he is going to be not able to pay it, once he opens up in January. So, if you put all of this together at least at the retail level, our understanding is if you give a restructuring which is a responsibility of the company to see to whom you want to give and what kind of a restructuring you want to give and put in place an approved process by which you will be monitoring it. But that is a risk, right? But then, there is enough ring-fencing, they have said that freeze the accounts as of February 29, and they should be standard account on that. There should not be more than two instalments outstanding on that day, they should not already be an NPA account, so there is a very clear ring-fencing which has happened. It is then ultimately the responsibility of the organisation - whom do you give what kind of restructuring and what kind of a time frame. So, you know that's what the ask is, or a request is that if it can be considered on a restructuring basis with responsibility. Have you made any change in the term of the assets whom you were lending to, in a post COVID scenario? Not because of post-COVID, I think it's an outcome of an absolute volume for each product. If April was no sales month. May saw more tractors sales and less vehicle sales and June continued that way. If you look at the monthly disbursement. I think 45-50% of the disbursement went to tractors. And, the balance went to other vehicles. But on an overall, where the book is concerned, one month doesn't tell the balance. What is your current mix like? So about 17-18% is tractor, another 25% would be <keyword id="45224" type="DOMAIN" weightage="20" keywordseo="Mahindra">Mahindra</keyword> auto parts. Then cars about 28%, then pre-owned vehicles about 10% and then small commercial vehicles and commercial vehicles all together will be 8-10%. I think SME has dropped to around 1-2%. Is it a concern on heavy reliance on the automotive sector because of the trouble that the sector is going through? I think that's not the right thing. It is divided between urban and rural again. I think what you don't see is an auto demand. It's not an urban phenomenon. If you talk to any OEM (original equipment makers e.g car manufacturers), they are all talking of rural revival. Dealerships have improved. Actually, the real constraint for the auto current is supply. They are not able to make vehicles available to the dealership while there is sufficient demand for small cars, pickups, small three-wheelers, this kind of product. And the inventory levels at the dealerships is at its lowest. I think if they can make sufficient vehicles available, I think there is enough demand. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/tech-mahindra-sees-sharp-slowdown-in-all-verticals-except-media-and-entertainment/articleshow/77197985.cms" data-type="tilCustomLink">Tech Mahindra sees sharp slowdown in all verticals except media and entertainment</a> <a href="https://www.businessinsider.in/india/news/escorts-earnings-only-show-that-calling-a-rural-recovery-right-now-would-be-pompous-all-eyes-will-now-be-on-mm/articleshow/77200867.cms" data-type="tilCustomLink">Escorts earnings only show that calling a rural recovery right now would be pompous⁠— all eyes will now be on M&amp;M</a>

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