Mahindra & Mahindra Financial Services Limited CC-Feb26.pdf · 2026-01-28
First of all, congratulations on a good quarter. Raul Sir, just 2 questions. First, on the demand side, while giving the opening remarks, you suggested that tractors is the product which has seen the most benefit from the GST cut. Just trying to understand while we've all seen 3Q numbers and 4Q is supposedly the best quarter in terms of business. So how are you looking at demand? I mean, is the momentum that we saw after the GST rate cut still sustained because when we speak to other vehic le financials, most of them admit that we still see that sustaining, especially in passenger vehicles and tractors. So if you could just help us understand that. And more importantly, how do you view this momentum sustaining when we get to the leaner first quarter after a couple of months from here? If you could just help us answer that question, then maybe I'll take the second.
Got it. The other question I had was around the provisioning bit, while you explained a fair bit of that during the opening remarks. So you also spoke about building some management overlay, which you've also given out in the notes of financial statements. So is my understanding correct that after this ECL model refresh, at least in this quarter, we have not taken any benefits in terms of the PCR and provisions. And whatever release we saw from this ECL model refresh has actually been parked as a management overlay.