Jefferies has maintained its hold rating on Mahindra & Mahindra Finance, with a target price of ₹315, indicating an 11.6% upside from the current market price of ₹282.30. While Q2 profits grew 57% YoY, they were below expectations due to higher provisions. Net interest margins disappointed due to lower yields, but higher fee income helped boost topline growth. Jefferies expects loan growth to moderate in FY25, with NIM remaining rangebound.
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