M&M Financial is hopeful of seeing recovery in the fourth quarter of the current financial year, says CFO V Ravi.
The company reported a net profit of Rs 164 crore for December 2013 quarter as against Rs 200 crore in the corresponding quarter a year ago. Reacting to the disappointing results, shares of M&M Financial Services plunged as much as 8.5 per cent to hit an intraday low of Rs 232.35 on Thursday, but later recouped some of the intraday losses. Also Read: Net slumped on high provisions; south mkt stressed: M&M Fin Ravi says the delayed harvest in southern states has pushed recovery to fourth quarter.
“We expect to maintain market share for the full year,” he told CNBC-TV18’s Latha Venkatesh adding, “…margins are likely to trend upwards hereon.” Meanwhile, the Reserve Bank of India (RBI) said that rules for restructuring loans by non-banking financial companies will be the same as those of banks .
The key provisions include that the relaxation or extension of commencement of projects will not amount to restructuring for infrastructure, non-infrastructure and corporate real estate projects, the Reserve Bank of India said in a statement. Read more..
Source: Business News Hindi
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