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MAS Financial Services Consolidated AUM Crosses` 8500 Crore During the Quarter; PAT up by 27.68% to Rs. 200.96 cr in FY23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ahmedabad, Gujarat, India The Board of Directors of MAS Financial Services Limited (MAS Financial) (BSE: 540749, NSE: MASFIN), specialized in MSME financing, announced today the audited financial results for the quarter ended 31st March, 2023.
The consistent financial performance during all the past turbulent period is the testimony of the strong fundamentals of the company; which is being followed over more than two decades. We witnessed a healthy growth in business activities across the segments we serve, during the quarter. The disbursement was ` 2491.72 Crore during the quarter ended 31st March 2023 as compared to ` 1962.33 Crore during the corresponding period.
Performance Highlights MAS Financial Services Limited reports Assets under Management (AUM) of ` 8092.56 Crore and profit after tax (PAT) of ` 200.96 Crore for the year ended 31st March 2023 from ` 6246.80 Crore and ` 157.55 Crore respectively for the year ended 31st March 2022. The AUM as on 31st December 2022 was ` 7606.04 Crore.
(` in Crore)
(` in Crore)
*Represents underlying assets in each of the categories. As on 31st March, 2023 37.62% of the total underlying assets is through various NBFCs.
Note on change in accounting policy for income recognition on direct assignment transaction: During the quarter ended 31st March 2023 the Company is directed by Reserve Bank of India to book the gain on assignment transaction upfront in the statement of profit and loss in accordance with Ind AS 109 instead of amortising it over the period of the underlying residual tenure of the assigned loan portfolio as practiced by the company, by exercising their judgement under para 19 of Ind AS 1 for better transparency as per the company’s view.
The new accounting policy has been implemented retrospectively and being presented from the beginning of the earliest period i.e. 1 April 2021.
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 May 03, 2023 took on record the audited Financial Results of the company for quarter ended 31st March, 2023.
Performance Highlights MAS Rural Housing and Mortgage Finance Limited reports Assets under Management (AUM) of ` 413.34 Crore and profit after tax of ` 6.34 Crore for the year ended 31st March 2023 from ` 314.15 Crore and ` 4.89 Crore respectively for the year ended 31st March 2022.
(` in Crore)
^Excluding the impact of PMAY CLSS Subsidy the YoY AUM growth is 36.20% #Due to expansion in branch network. -Change in accounting policy for income recognition on direct assignment transaction as per note given above
Commenting on the performance, Mr. Kamlesh Gandhi - Founder, Chairman & Managing Director, MAS Financial said, “We have over two & half decades demonstrated that “CONSISTENTLY AND STEADILY IS THE FASTEST WAY TO REACH WHERE YOU WANT TO”. Crossing ` 200 Crore in PAT is an important milestone in the journey of the company. The main focus continues to remain on maintaining strong capital base, adequate liquidity and quality of assets thus creating very strong enablers for the future growth of the company. Registering a robust growth of 25%+ this year reconfirms our conviction to demonstrate long term consistent growth between 20%-25% across various cycles as demonstrated over more than two decades.” |
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