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Motilal Oswal Report
MAS Financial Services Ltd.'s profit after tax was largely flat QoQ and YoY at Rs 368 million (40% beat) in Q1 FY22.
The beat was primarily driven by credit costs of Rs 141 million (53% lower than our estimate).
Operating profit at Rs 636 million (2% miss) was largely in line with our expectations.
MAS Financial's disbursements were impacted (but less so compared to its peers in micro small and medium enterprise and SME lending) due to the lockdowns and the management's cautious approach.
Disbursements fell ~20% QoQ to Rs 10.4 billion. This also impacted consolidated assets under management, which fell 4% QoQ and 8% YoY to Rs 54.6 billion.
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