NDTV Profit'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 NDTV Profit's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
MAS Financial Services Ltd.'s Q3 FY24 profit after tax grew 24% YoY to Rs 624 million (inline). Pre provision operating profit rose ~35% YoY to Rs 1.1 billion (inline).
Operating expenses rose ~23% YoY to Rs 518 million, with both the cost/income ratio and opex-to-assets under management stable at 32% and 2.2%, respectively. Credit costs were at Rs 257 million, translating into annualized credit costs of 1.1% (previous quarter: 1.1%).
MAS Financial Services recently took an enabling board resolution to raise up to ~Rs 7 billion in one or more tranches through qualified institutional placement or any other permissible mode.
Despite capital adequacy of ~24.5% (tier-I of ~21%), this equity raise will be done at an opportune time for the next phase of growth.
MAS Financial has also declared the bonus issue of shares in the ratio of 2:1. The record date has been fixed as February 22, 2024.
Reiterate 'Buy' with a revised target price of Rs 1,160 (based on 2.7 times FY26E book value).
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.