MAS Financial Services Limited Reports PAT of more than Rs 250 Crores for the FY 2023-24, While the Consolidated AUM Crosses Rs 10,700 Crores
Wednesday, 24 April 2024 ()
· A strong growth of 26.05% in AUM & 23.41% in PAT
· Rating upgraded to CARE AA-
The Board of Directors of *MAS Financial Services Limited* (MAS Financial) (BSE: 540749, NSE: MASFIN), specialized in MSME financing, announced today the audited financial results for the quarter ended 31^st March 2024.
116 Quarters of 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. 2866.35 Crores during the quarter ended 31^st March 2024.
During the quarter, the Company's Long Term Bank Facilities and Non-Convertible Debentures rating has been upgraded to CARE AA- (Outlook: Stable) from CARE A+ (Outlook: Positive) by CARE Ratings Limited ('CARE')
*Performance Highlights - (Consolidated)*
MAS Financial Services Limited on a consolidated basis reports Assets under Management (AUM) of 10721.90 Crores and Profit after Tax (PAT) of Rs. 70.10 Crores for the quarter ended 31^st March 2024 from Rs. 8505.89 Crores and Rs. 56.82 Crores respectively for the quarter ended 31^st March 2023. The consolidated PAT for the FY 2023-24 stands at Rs. 254.01 Crores.
· A Growth of* 26.05 % *in AUM and* 23.37 % *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. 10125.61 Crores and Profit after Tax (PAT) of Rs. 68.05 Crores for the quarter ended 31^st March 2024 from Rs. 8092.56 Crores and Rs. 55.55 Crores respectively for the quarter ended 31^st March 2023. The AUM as on 31^st December 2023 was Rs. 9672.03 Crores.
· A Growth of 25.12 % in AUM and 22.50% in PAT over the corresponding period of the previous year.
· Capital Adequacy Ratio (including Tier II capital) as of 31^st March 2024 stood at 24.05%. The Tier-I capital stood at 20.33%.
· The portfolio quality remained stable and strong at 2.25% gross stage 3 assets and 1.51% net stage 3 assets of AUM as compared to 2.23% gross stage 3 assets and 1.48% net stage 3 assets of AUM as on 31^st December 2023.
· The company continues to carry a management overlay of Rs. 18.79 Crores as on 31^st March 2024, 0.24% of the on book assets.
(Rs. in Crores)
*Particulars*
*Q424*
*Q423*
*YoY*
*FY24*
*FY23*
*YoY*
Assets Under Management
10125.61
8092.56
25.12%*↑*
10125.61
8092.56
25.12%*↑*
Total Income
329.53
267.82
23.04%*↑*
1224.57
939.85
30.29%*↑*
Profit Before Tax
91.09
70.41
29.37%*↑*
331.42
264.70
25.21%*↑*
Profit After Tax
68.05
55.55
22.50%*↑*
247.75
200.96
23.28%*↑*
(Rs. in Crores)
*Asset Under Management (AUM)**
*March-24*
*March-23*
*YoY*
Micro-Enterprise Loans
4385.11
3874.16
13.19%*↑*
SME Loans
3733.86
2986.66
25.02%*↑*
2-Wheeler Loans
670.12
554.35
20.88%*↑*
Commercial Vehicle Loans
747.66
372.48
100.72%*↑*
Salaried Personal Loans**
588.86
304.90
93.13%*↑*
*TOTAL AUM*
*10125.61*
*8092.56*
*25.12%↑*
*Represents underlying assets in each of the categories. As on 31^st March 2024, 32.88% of the total underlying assets are through various NBFCs.
· New Product Segment
The *MSME**segment* contributed *~60%* in the *YoY AUM growth* of the company while other products also contributed meaningfully.
· *Dividend*: In consonance to our policy of rewarding the shareholders of the Company, the Company has paid the interim dividend of Rs. 3 per share - pre bonus - ( 1 ex-bonus). Additionally, the Board has proposed the final dividend @ 5.10% i.e. Rs. 0.51 per share subject to the approval of the Members in the ensuing Annual General Meeting.
*Performance Highlights - MAS Rural Housing and Mortgage Finance Limited (Standalone)*
MAS Rural Housing and Mortgage Finance Limited reports Assets under Management of Rs. 596.29 Crores and Profit after Tax of Rs. 2.08 Crores for the quarter ended 31^st March 2024 from Rs. 413.34 Crores and Rs. 1.37 Crores respectively for the quarter ended 31^st March 2023.
· A growth of* 44.26% *in AUM and* 51.55% *in PAT over the corresponding period of the previous year.
· Capital Adequacy Ratio (including Tier II capital) as on 31^st March 2024 stood at* 38.00%. *The Tier-I capital stood at* 30.53%.*
· The portfolio quality remained stable and strong at *0.90%* gross stage 3 assets and *0.66% *net stage 3 assets of AUM as compared to *0.81% *gross stage 3 assets and *0.58%* net stage 3 assets of AUM as on 31^st December 2023.
· The company continues to carry a management overlay of *Rs.** 3.00 Crores* as on 31^st March 2024, *0.65% *of the on book assets.
(Rs. in Crores)
*Particulars*
*Q424*
*Q423*
*YoY*
*FY24*
*FY23*
*YoY*
Assets Under Management
596.29
413.34
44.26%*↑*
596.29
413.34
44.26%*↑*
Total Income
17.68
12.40
42.58%*↑*
62.46
43.75
42.75%*↑*
Profit Before Tax 2.62
1.70
54.21%*↑*
9.58
8.09
18.31%*↑*
Profit After Tax
2.081.37
51.55%*↑*
7.58
6.34
19.48%*↑*
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."
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