MAS Financial Q1 Review - Inline; Growth, Scaling Up Direct Distribution Assume Priority: Axis Securities

MAS remains well-positioned to deliver strong AUM growth driven by a strong distribution network, and adequate capitalization, says the brokerage.

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Axis Securities Report

Mas Financial Services Ltd.’s disbursement growth was strong at 19% YoY, while de-grew by 3% QoQ. The share of sourcing from NBFC partners further improved QoQ to 34.2% versus 32.9% QoQ. Assets under management grew by 23/3% YoY/QoQ (largely in line with our expectations).

The MSME segment grew by 17/2% YoY with microenterprise loans up 12/3% YoY/QoQ and SMEs up 23/1% YoY/QoQ.

In the wheels portfolio, commercial vehicles were up 82/9% YoY/QoQ and 2-wheelers grew by 17/flat% YoY/QoQ. The salaried personal loans segment grew by 95%/flat YoY/QoQ.

Click on the attachment to read the full report:

Axis Securities MAS Financial Services Q1FY25 Result Update.pdf
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Also Read: PNB Housing Finance Q1 Results Review - Retailisation Journey Is Progressing Well: ICICI Securities

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