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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 value on a return on equity/return on asset of 16%/2.8%.
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