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Motilal Oswal Report
MAS Financial Services Ltd.’s Q3 FY24 profit after tax grew 24% YoY to Rs 624 million (inline). Pre provision operating profit rose ~35% YoY to Rs 1.1 billion (inline).
Operating expenses rose ~23% YoY to Rs 518 million, with both the cost/income ratio and opex-to-assets under management stable at 32% and 2.2%, respectively. Credit costs were at Rs 257 million, translating into annualized credit costs of 1.1% (previous quarter: 1.1%).
MAS Financial Services recently took an enabling board resolution to raise up to ~Rs 7 billion in one or more tranches through qualified institutional placement or any other permissible mode.
Despite capital adequacy of ~24.5% (tier-I of ~21%), this equity raise will be done at an opportune time for the next phase of growth.
MAS Financial has also declared the bonus issue of shares in the ratio of 2:1. The record date has been fixed as February 22, 2024.
Reiterate 'Buy' with a revised target price of Rs 1,160 (based on 2.7 times FY26E book value).
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