MAS Financial Reports a Strong Growth in Q3FY24 with 27.63% Jump in AUM & 24.15% in PAT; Consolidated AUM Crosses Rs. 10,000 Crore During the Quarter
The Board of Directors of MAS Financial Services Limited (MAS Financial) (BSE: 540749, NSE: MASFIN), specialized in MSME financing, announced today the unaudited financial results for the quarter ended 31st December 2023.
This quarter witnessed a very important milestone of Rs. 10,000 crores in AUM being crossed by the company. We took this opportunity to reward the shareholders by issuing bonus shares in the ratio of 2:1 (i.e. Two Bonus shares for every One share held). The consistent financial performance is the testimony of the strong fundamentals of the company, which has been followed over more than two and half decades. We witnessed a healthy growth in business activities across the segments we serve, during the quarter. The consolidated disbursement was Rs. 2724 Crore during the quarter ended 31st December 2023.
Performance Highlights – (Consolidated)
MAS Financial Services Limited on a consolidated basis reports Assets under Management (AUM) of 10216.05 Crore and Profit after Tax (PAT) of Rs. 64.41 Crore for the quarter ended 31st December 2023 from Rs. 8004.59 Crore and Rs. 51.88 Crore respectively for the quarter ended 31st December 2022.
A Growth of 27.63% in AUM and 24.15% in PAT over the corresponding period of the previous year.
Performance Highlights – MAS Financial Services limited (Standalone)
MAS Financial Services Limited reports Assets under Management (AUM) of Rs. 9672.03 Crore and Profit after Tax (PAT) of Rs. 62.44 Crore for the quarter ended 31st December 2023 from Rs. 7606.04 Crore and Rs. 50.55 Crore respectively for the quarter ended 31st December 2022. The AUM as on 30th September 2023 was Rs. 9046.19 Crore.
A Growth of 27.16% in AUM and 23.52% in PAT over the corresponding period of the previous year.
Capital Adequacy Ratio (including Tier II capital) as of 31st December 2023 stood at 24.47%. The Tier-I capital stood at 20.59%.
The portfolio quality remained stable and strong at 2.23% gross stage 3 assets and 1.48% net stage 3 assets of AUM as compared to 2.17% gross stage 3 assets and 1.47% net stage 3 assets of AUM as on 30th September 2023.
The company continues to carry a management overlay of Rs. 18.79 crore as on 31st December, 2023, 0.25% of the total on book assets.
(Rs. in Crore)
Particulars | Q324 | Q323 | YoY | 9MFY24 | 9MFY23 | YoY | FY 23 |
Assets Under Management | 9672.03 | 7606.04 | 27.16%↑ | 9672.03 | 7606.04 | 27.16%↑ | 8092.56 |
Total Income | 325.77 | 251.47 | 29.55%↑ | 904.00 | 678.84 | 33.17%↑ | 949.09 |
Profit Before Tax | 84.51 | 67.58 | 25.05%↑ | 240.33 | 194.29 | 23.70%↑ | 264.70 |
Profit After Tax | 62.44 | 50.55 | 23.52%↑ | 179.70 | 145.41 | 23.58%↑ | 200.96 |
(Rs. in Crore)
Asset Under Management (AUM)* | December-23 | December-22 | YoY |
Micro-Enterprise Loans | 4344.68 | 3777.12 | 15.03%↑ |
SME Loans | 3450.30 | 2840.69 | 21.46%↑ |
2-Wheeler Loans | 670.90 | 501.57 | 33.76%↑ |
Commercial Vehicle Loans | 661.70 | 291.84 | 126.73%↑ |
Salaried Personal Loans** | 544.46 | 194.82 | 179.47%↑ |
TOTAL AUM | 9672.03 | 7606.04 | 27.16%↑ |
*Represents underlying assets in each of the categories. As on 31st December 2023, 34.17% of the total underlying assets are through various NBFCs.
**New Product Segment
The MSMEsegment contributed ~60% in the YoY AUM growth of the company while other products also contributed meaningfully.
Performance Highlights – MAS Rural Housing and Mortgage Finance Limited (Standalone)
MAS Rural Housing and Mortgage Finance Limited reports Assets under Management of Rs. 544.02 Crore and Profit after Tax of Rs. 2.01 Crore for the quarter ended 31st December 2023 from Rs. 398.55 Crore and Rs. 1.44 Crore respectively for the quarter ended 31st December 2022.
A growth of 36.50% in AUM and 39.77% in PAT over the corresponding period of the previous year.
Capital Adequacy Ratio (including Tier II capital) as on 31st December, 2023 stood at 31.52%. The Tier-I capital stood at 23.66%.
The portfolio quality remained stable and strong at 0.81% gross stage 3 assets and 0.58% net stage 3 assets of AUM as compared to 0.79% gross stage 3 assets and 0.55% net stage 3 assets of AUM as on 30th September 2023.
The company continues to carry a management overlay of Rs. 2.99 crore as on 31st December, 2023, 0.72% of the total on book assets.
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(Rs. in Crore)
Particulars | Q324 | Q323 | YoY | 9MFY24 | 9MFY23 | YoY | FY 23 |
Assets Under Management | 544.02 | 398.55 | 36.50%↑ | 544.02 | 398.55 | 36.50%↑ | 413.34 |
Total Income | 16.42 | 10.91 | 50.57%↑ | 44.77 | 31.35 | 42.82%↑ | 43.75 |
Profit Before Tax | 2.47 | 1.80 | 37.05%↑ | 6.95 | 6.39 | 8.77%↑ | 8.09 |
Profit After Tax | 2.01 | 1.44 | 39.77%↑ | 5.50 | 4.97 | 10.61%↑ | 6.34 |
Commenting on the performance, Mr. Kamlesh Gandhi – Founder, Chairman & Managing Director, MAS Financial said, “As we usher in to the next phase, post reaching an important milestone of Rs. 10,000 crores in AUM; we are confident to maintain a fundamentally strong growth momentum. Adequate capitalization, strong asset quality and a track record of more than 25 years to navigate across various cycles will ensure the same thus creating value on a large scale for all its stakeholders. Team MAS remains committed to its mission of excellence through endeavors.”
