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MAS Financial Services Limited Results - 1st Quarter FY 20 A Robust Financial Performance

Press Trust of India  |  AHMEDABAD 

/ -- 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 30 June 2019.

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

Given the adoption of Indian Accounting Standards, for better understanding of the performance of the comparative periods: we have hereby provided both operational highlights: as per IND-AS and as per previous GAAP for the quarter ended 30 June 2019.

Disclaimer: The figures represented as per I-GAAP are based on management reports and have not been subject to review by the auditors.

As per IND-AS

MAS Financial Services Limited reports Assets under Management (AUM) of Rs 5578.21 Crore and profit after tax of Rs 40.73 Crore for the quarter ended 30 June 2019 from Rs 4317.00 Crore and Rs 30.46 Crore respectively for quarter ended 30 June 2018 - A Growth of 29.22% and 33.70% over corresponding period of previous year respectively Performance Highlights:


Disbursement (Net) made during Q1 FY 20 up 20.59% to Rs 1200.67 Crore from Rs 995.67 Crore in Q1 FY19. Assets under Management (AUM) as of 30 June, 2019 up 29.22% to Rs 5578.21 Crore from Rs 4317.00 Crore as on 30 June, 2018 with Gross Stage 3 Assets and Net Stage 3 Assets as of 30 June, 2019 at 1.39 % and 1.14% respectively. The Gross Stage 3 Assets and Net Stage 3 Assets stood at 1.24 %* and 1.11%* as of 30 June, 2018. (*Recasted as per Ind-AS criteria applied as on Q1 FY 2020) Total Income for Q1 FY 20 up 33.11% to Rs 159.23 Crore from Rs 119.63 Crore in Q1 FY 19. Profit After Tax for Q1 FY 20 up 33.70 % to Rs 40.73 Crore from Rs 30.46 Crore in Q1 FY 19. Capital Adequacy Ratio (including Tier II capital) as of 30 June, 2019 stood at 27.97%. The Tier-I capital stood at 26.54%.

(Rs in CR)

Particulars

Q1'20

Q1'19

QoQ growth

FY 19

Assets Under Management

5578.21

4317.00

29.22%

5,338.37

Total Income

159.23

119.63

33.11%

572.58

Profit Before Tax

62.66

46.84

33.77%

233.93

Profit After Tax

40.73

30.46

33.70%

152.11

Gross Stage 3 Assets % to AUM

1.39%

1.24%*

12.34%

1.39%

Net Stage 3 Assets % to AUM

1.14%

1.11%*

2.34%

1.14%

*Recasted as per Ind-AS criteria applied as on Q1 FY 2020

Asset Under Management (AUM)*

Jun-19

Jun-18

QoQ growth

Micro-Enterprise loans

3595.46

2752.95

30.60%

SME loans

1375.48

1025.46

34.13%

2-Wheeler loans

455.17

391.60

16.23%

Commercial Vehicle loans

152.10

146.99

3.48%

TOTAL AUM

5578.21

4317.00

29.22%

*Represents underlying assets in each of the category. As on 30 June, 2019 57.82% of the total underlying assets is through various NBFCs.

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

(Rs in Cr)

Sr. No.

Particulars

Q1 FY 20

Q1 FY 19

1

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

20.03

15.56

2

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

1.54

1.15

3

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

25.85

20.11

4

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

-4.28

-3.41

As per I-GAAP

MAS Financial Services Limited reports Assets under Management (AUM) of Rs 5546.57 Crore and profit after tax of

Rs 42.57 Crore for the quarter ended 30 June 2019 - A Growth of 30.28% and 26.81% over corresponding period of the previous year respectively.

(Rs in CR)

Particulars

Q1'20

Q1'19

QoQ growth

FY 19

Assets Under Management

5546.57

4257.48

30.28%

5292.84

Total Income

159.55

122.15

30.61%

550.52

Profit Before Tax

65.57

51.64

26.98%

220.24

Profit After Tax

42.57

33.57

26.81%

143.22

GNPA% on AUM

1.32%

1.19%

10.82%

1.24%

NNPA% on AUM

0.92%

0.95%

-2.68%

0.86%

(Rs in CR)

Asset Under Management (AUM)*

Jun-19

Jun-18

QoQ growth

Micro-Enterprise loans

3579.84

2720.49

31.59%

SME loans

1366.03

1006.77

35.69%

2-Wheeler loans

452.20

386.04

17.17%

Commercial Vehicle loans

148.50

144.18

2.99%

TOTAL AUM

5546.57

4257.48

30.28%

*Represents underlying assets in each of the category. As on 30 June, 2019, 58.00% of the total underlying assets is through various NBFCs.

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 17 July 2019 took on record the unaudited Financial Results of the company for the quarter ended 30 June, 2019.

As per IND-AS

MAS Rural Housing and Mortgage Finance Limited reports Assets under Management (AUM) of Rs 271.63 Crore and profit after tax of Rs 1.12 Crore for the quarter ended 30 June 2019 from Rs 210.23 Crore and Rs 0.90 Crore respectively for quarter ended 30 June 2018 - A Growth of 29.21% and 23.53% over corresponding period of previous year respectively.

Performance Highlights:

Disbursement made during Q1 FY 20 up 26.08% to Rs 25.08 Crore from Rs 19.89 Crore in Q1 FY19. Gross Stage 3 Assets and Net Stage 3 Assets as of 30 June, 2019 stood at 0.40 % and 0.29% respectively. The Gross Stage 3 Assets and Net Stage 3 Assets stood at 0.35% and 0.26% as of 30 June, 2018. Capital Adequacy Ratio (including Tier II capital) as of 30 June, 2019 stood at 28.76%. The Tier-I capital stood at 28.07%.

(Rs in CR)

Particulars

Q1'20

Q1'19

QoQ growth

FY 19

Assets Under Management

271.63

210.23

29.21%

270.24

Total Income

9.80

7.10

37.93%

32.41

Profit Before Tax

1.43

1.20

19.19%

4.24

Profit After Tax

1.12

0.90

23.53%

2.65

Gross Stage 3 Assets % to AUM

0.40%

0.35%

12.86%

0.36%

Net Stage 3 Assets % to AUM

0.29%

0.26%

14.10%

0.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, August 01 2019. 13:50 IST
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