Mahindra and Mahindra Financial Services reported 14.6 percent rise in its standalone net profit to Rs 365.3 crore in Q3FY20 as compared to Rs 318.7 crore in Q3FY19. The revenue during the quarter increased by 15.7 percent to Rs 2,580.6 crores as against Rs 2,340.4 crores YoY.Detailing the numbers, Ramesh Iyer, Vice Chairman and Managing Director of M&M Financial Services said that festive demand aided growth in Q3. “This was a festival quarter, and with the changing emission norms, the BS-VI coming in end of next quarter or beginning of the first quarter, most of the OEMs and dealers were in the direction of reducing inventory and offering various programs out to the consumer. So, that definitely did push the demand up,” he said.“We do believe, going forward with good farm cash flow expectations and infra expected to open up different states for different activity, the two together should drive demand. Our own belief is that we would see an increasing trend quarter-on-quarter and by next festival season, we could surely see aggressive demand in the rural market,” he added.Speaking about the securitization levels, Iyer said, “We have always said that we would like to maintain a good product mix on the liabilities side and we do look at each product as to what that percentage of mix should be. As far as securitization is concerned, we have always said that we would like to maintain it around 15-20 percent. We would continue to maintain in that direction.”According to him, the improvement in margins was not only due to securitization but also because the overall cost of borrowing has come down. "Clearly, the current borrowing costs are sub 8 percent and the mix has been good for us, and that has definitely helped. Going forward, as the cost liability gets corrected, we would see the benefit of the borrowing costs coming into the books over a period of time,” he added.