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Axis Securities Report
MAS Financial Services Ltd. reported a strong set of numbers in Q1 FY23, which were marginally ahead of our expectations. The disbursement growth momentum was sustained as disbursements doubled YoY and registered a healthy 10% QoQ growth.
Assets under management growth was robust at 29/7% YoY/QoQ, driven by growth reviving in micro-enterprise loans and sustained momentum in the small and medium enterprise loans.
The growth in the wheel portfolio was driven by the commercial vehicle segment (up 57% YoY), while two-wheeler book growth remained muted (up 3% YoY).
The share of loans sourced from non-banking financial company loans moderated to ~45% from 48/55% YoY/QoQ, in line with the management's renewed focus on ramping up the direct distribution channel.
The progress on the scale-up of the direct channel has been progressing well with MAS Financial adding 10 branches and 1,500 plus customer locations during the quarter.
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