MAS Financial Services Limited Results - 3rd Quarter FY 20 - A Robust Financial Performance

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MAS Financial Services Limited

06 Feb, 2020, 12:19 IST

99  Quarters of Consistent Financial Performance

AHMEDABAD, India, Feb. 6, 2020 /PRNewswire/ -- The Board of Directors of MAS Financial Services Limited in their meeting held today took on record the unaudited Financial Results of the company for the Quarter ended 31 December 2019.  

The company is in its 25th year towards accomplishing its vision of 'Excellence through Endeavours'.

The consistent financial performance even during this prolonged turbulent period from September 2018, is the testimony of the strong fundamentals of the company; which is being followed over two decades.

As per IND-As

MAS Financial Services Limited reports the Assets under Management (AUM) and Profit after Tax for the quarter ended 31 December 2019 of  INR 5960.38 Crore and INR 55.12 Crore as compared to INR 4956.00 Crore and INR 45.45 Crore respectively for the quarter ended 31 December 2018.

  • A Growth of 20.27% in AUM and 21.27% in PAT over the corresponding period of the previous year.

The Profit after tax for nine months ended 31 December 2019 is INR 142.52 Crore.

  • A growth of 28.98 % over the corresponding period of the previous year.

The portfolio quality improved to 1.06% net stage 3 assets of AUM as compared to 1.13% over the corresponding period of the previous year.

Performance Highlights:

  • Disbursement (Net) made during 9M FY 20 14.17 % (Up) to INR 3882.73 Crore from INR 3400.95 Crore in 9M FY19.
  • Capital Adequacy Ratio (including Tier II capital) as of 31 December, 2019 stood at 30.11%. The Tier-I capital stood at 28.79%.

 (Rs. in CR)








Particulars

Q3'20

Q3'19

QoQ

9M'20

9M'19

9Mo9M

FY 19

Assets Under Management

5960.38

4956.00

20.27%

5960.38

4956.00

20.27%

5338.37

Total Income

183.63

161.48

13.72%

510.26

417.00

22.36%

572.58

Profit Before Tax*

73.93

69.36

6.59%

186.53

169.87

9.81%

233.93

Profit After Tax

55.12

45.45

21.27%

142.52

110.50

28.98%

152.11

Gross Stage 3 Assets % to AUM

1.29%

1.38%

-0.09 bps 

1.29%

1.38%

-0.09 bps

1.39%

Net Stage 3 Assets % to AUM

1.06%

1.13%

-0.07 bps

1.06%

1.13%

-0.07 bps

1.14%

Note: * The company adopted the policy of using the part of the tax benefit to further strengthen the quality of the portfolio by aggressively writing off the stage 3 Assets. The net stage 3 Assets on AUM improved to 1.06% as on December 19  against 1.13% as on December 18  and is maintained at the same level of 1.06% as of september 19 despite the significant stress experienced across all the segments of the economy during this period. The company registered a healthy growth in it's PAT of 21.27%  over corresponding quarter and 28.98% over corresponding 9 months basis.

(Rs. in CR)




Asset Under Management (AUM)*

Dec-19

Dec-18

9Mo9M

Micro-Enterprise loans

3669.65

3097.57

18.47%

SME loans

1678.23

1201.54

39.67%

2-Wheeler loans

452.44

498.62

-9.26%

Commercial Vehicle loans

160.06

158.26

1.14%

TOTAL AUM

5960.38

4956.00

20.27%

*Represents underlying assets in each of the category. As on 31 December, 2019 57.36% of the total underlying assets are through various NBFCs.

The following information explains the net impact on income due to recognition of assigned portfolio based on INDAS:

(Rs. in CR)






Sr. No.

Particulars

Q3 FY 20

Q3 FY 19

9M FY 20

9M FY 19

1

Upfront spread booked on present value basis on portfolio assigned during the year (based on INDAS)

34.40

30.35

78.63

65.92

2

Income booked on asset created out of spread receivable  (based on INDAS)

1.59

1.24

4.67

3.50

3

Spread that would have been booked on assigned portfolio on amortization basis  (based on I-GAAP)

26.94

21.12

78.57

61.04

4

Net Impact on income due to upfront booking of spread on the  assigned portfolio (based on INDAS)  (1+2-3)

9.06

10.46

4.72

8.38

Note on MAS Rural Housing and Mortgage Finance Limited (Subsidiary)

The Board of Directors of MAS Rural Housing and Mortgage Finance Limited in their meeting held on 22nd January 2020 took on record the unaudited Financial Results of the company for the quarter ended 31st December, 2019.

As per IND-As

MAS Rural Housing and Mortgage Finance Limited reports Assets under Management (AUM) of INR 284.05 Crore and profit after tax of INR 0.93 Crore for the quarter ended 31 December 2019 from INR 251.93 Crore and INR 0.72 Crore respectively for quarter ended 31 December 2018.

  • A Growth of 12.75% in AUM  and 30.52% in PAT over the corresponding period of the previous year.

The Profit after tax for nine months ended 31 December 2019 is INR 3.14 Crore.

  • A growth of 18.70% over the corresponding period of the previous year.

Performance Highlights:

  • Assets under Management (AUM) as of 31 December 2019 12.75% (up) to INR 284.05 Crore from INR 251.93 Crore as on 31 December 2018 with Gross Stage 3 Assets and Net Stage 3 Assets as of 31 December 2019  at 0.34 % and 0.25% respectively. The Gross Stage 3 Assets and Net Stage 3 Assets stood at 0.34% and 0.24% as of 31 December 2018.
  • Capital Adequacy Ratio (including Tier II capital) as of 31 December 2019 stood at 37.77%. The Tier-I capital stood at 30.55%.

Particulars

Q3'20

Q3'19

QoQ

9M'20

9M'19

9Mo9M

FY 19

Assets Under Management

284.05

251.93

12.75%

284.05

251.93

12.75%

270.24

Total Income

10.47

8.59

21.85%

30.00

23.17

29.46%

32.41

Profit Before Tax

1.33

0.85

57.84%

4.17

3.26

27.65%

4.24

Profit After Tax

0.93

0.72

30.52%

3.14

2.64

18.70%

2.65

Gross Stage 3 Assets % to AUM

0.34%

0.34%

0.00 bps

0.34%

0.34%

0.00 bps

0.36%

Net Stage 3 Assets % to AUM

0.25%

0.24%

0.01 bps

0.25%

0.24%

0.01 bps

0.26%

For and on behalf of the Board of Directors

Kamlesh C. Gandhi
(Chairman & Managing Director)
(DIN - 00044852)

For more information, please visit: https://www.mas.co.in/