MAS Financial Services Ltd's Q4FY18 standalone net profit rises 100.7% yoy to Rs29.90cr : In-line with Estimates

India Infoline Research Team | May 14, 2018 13:50 IST

The company’s standalone NII stood at Rs78.10cr, up 61.7% yoy and 7.65% qoq.

MAS Financial Services Ltd Q4FY18

Standalone Results Q4FY18: (Rs. in cr)

Q4FY18 YoY (%)
NII 78.10 61.7
Net Profit (adjusted) 29.90 100.7

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Reco. Price

628

Last updated on

30-Apr-2018

MAS Financial Services' revenue has improved by 35.1% yoy to Rs113.5cr against Rs84cr in Q4FY17. The NII has improved by 61.7% to Rs78.1cr. The net profit was in-line with estimates, which has increased by 100.7% yoy to Rs29.9cr against Rs14.9cr in Q4FY17. Its GNPA for Q4FY18 stood at 1.15% against 1.17% qoq, which has declined by 2bps. NNPA for the quarter came at 0.91% against 0.94% qoq, which declined by 4bps.
  • Total income for FY18 was up by 25.29% to Rs427.87cr.
  • Its AUM as on FY18 end stood at Rs4,114cr, higher by 30.4% yoy.
  • AUM (ex. Housing finance) grew 12% qoq and 30% yoy to Rs4,100cr, driven by 18% yoy growth in disbursements to Rs1,260cr.
  • The share of various products in total AUM is as follows: MEL: 63%, SME finance: 25%, 2W finance: 9% and CV finance: 4%.
  • Over the past year, the share of MEL + SME finance has increased by ~500bp.
  • Margins improved 150bp YoY, driven by a 30bp increase in yields and an 80bp decline in CoF.
  • Disbursement for FY18 has improved by 24.75% to Rs3,891.4cr as against Rs3,119.24cr in FY17. Disbursement for Q4FY18 was up by 18.43% to Rs1,260.29cr.
  • For FY18, MASFIN recorded 35% yoy PAT growth and RoA (on AUM)/RoE of 2.7%/20%.
  • MAS Housing Finance: a) AUM growth was modest at 16% yoy (Rs200cr). b) PAT grew only 8% yoy to Rs0.7cr c) GNPL ratio was largely stable at 36bp.
  • SME loans – LTV of 55-65% in loan against shares and 75% in loans against machinery. GNPL ratio of 0.68%. 55-60% is sourced directly and the rest through NBFCs.
  • Average yield on products distributed through NBFCs – 13.96% v/s 15% two years back. Share of NBFCs in overall AUM is 58% v/s 55% two years back.
  • There are 77 branches for the parent and 69 branches for the subsidiary, of which 22 are co-located.
  • Incremental yields: MEL – 15.4%, SME - 15.4%, 2W – 18.2% and CV – 17.5%.
  • As per the RBI guidelines, the company has moved its NPA recognition policy from 4 months to 3 months overdue in FY18.
  • Capital Adequacy Ratio (including Tier II capital) as of FY18 end stood at 31.29%. Tier-I capital stood at 29.06%.
  • The board has declared a dividend of Rs2.16/share on Rs10 face value.


Technical View:

MAS Financial Services Ltd is currently trading at Rs. 614.90, down by 3.75 points or 0.61% from its previous closing of Rs. 618.65 on the BSE.
The scrip opened at Rs. 621.80 and has touched a high and low of Rs. 625 and Rs. 603 respectively. So far 3,95,352 (NSE+BSE) shares were traded on the counter. The stock is currently trading below its 100 DMA.

BSE 600.00 10.05 (1.70%)
NSE 599.00 9.15 (1.55%)

***Note: This is a NSE Chart

 

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