Mahindra & Mahindra Financial Services Limited CC-Feb26.pdf · 2026-01-28
Congratulations on a good set of numbers. I have 2 questions. My first question is on the CV, CE book. While I understand your -- the reasoning for the volume growth of auto industry in the passenger vehicle book and the disbursal growth that we've had. I understand that their entry -level cars were sold. But what exactly happened CV, CE book? Why is there such a large gap between the kind of volume growth the industry is reporting and our disbursal growth in the quarter? My second question is on the credit cost, rather on the provision coverage. The slide that you showed on Slide 14 that the reduction in provisions release coming from the Stage 2 PCR, right? That's at about 8% now. That has been on a continuous declining trend. The Stage 3 you have maintained at 53% range. So what is the thought process going on over there? And what kind of improvement can further continue in that book?
Yes. So if you see in Stage 2 ECL divided by gross Stage 2, that percentage is declining for you all, right? So your gross Stage 3 PCR, you've maintained at 53% by doing all the overlays that you've spoken about. But there is an improvement in your -- like you're providing less in the Stage 2 book?