BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
MAS Financial Services Ltd.'s profit after tax rose 17% YoY to Rs 426 million in Q4 FY22 (in-line).
Standalone profit after tax grew by ~10% YoY and disbursements rose 87% in FY22.
Gross stage-III improved by ~10 basis points QoQ to 2.1% and continues to remain relatively better placed than its peers in micro, small and medium enterprise/small and medium enterprise lending.
MAS Financial has regained its lost mojo and can deliver the guided assets under management compound annual growth rate of 20-25% over the next three years.
However, stability in execution will be key. The stock trades at 2.1 times FY24E price/book on a return on equity/return on asset of 16%/2.8%.
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