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Axis Securities Report
MAS Financial Services Ltd. results were in-line with our estimates. Disbursement growth remained healthy at 55% YoY translating into an assets under management growth of 14% YoY.
AUM growth was driven by small and medium enterprise Loans (up 48% YoY) and commercial vehicle loans (up 48% YoY), while the micro-enterprise loans remained muted and de-grew by 5% YoY.
The share of loans sourced from non-banking financial company loans moderated to ~52% from 58% in Q2 FY22 and the management expects the share to further drop to 50% as MAS Financial exits FY22E.
Going ahead, as MAS Financial looks to scale up its business through direct distribution, the mix is likely to improve to 60% from direct distribution and 40% from NBFC partners.
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