Credit for MSMEs: Retail financing company MAS Financial Services, which specialises in MSME financing, has reported 26.23 per cent growth in assets under management (AUM) and 25.38 per cent growth in profit after tax (PAT) for the quarter ended June 30, 2023, from the year-ago quarter. On a consolidated basis, the company reported AUM of Rs 8,867.94 crore and PAT of Rs 57.56 crore for Q1 in the current fiscal in comparison to Rs 7,025.14 crore AUM and Rs 45.91 crore PAT during Q1 in FY23.
“The continuous and consistent performance of the company demonstrated during this quarter is the function of the strong fundamentals and a very prudent approach of “Extending credit where it is due”. We visualize a very strong and consistent growth going forward continuing our legacy of more than two decades,” said Kamlesh Gandhi – Founder, Chairman & Managing Director, MAS Financial.
The company said it has witnessed healthy growth in business activities across the segments it serves during the quarter. The consolidated disbursement by the company stood at Rs 2334.50 crore during Q1 in FY24.
The SME loan book grew 25.85 per cent to Rs 3,074.80 crore during the June quarter from Rs 2,443.21 during the June quarter in FY23.
Apart from loans to SMEs, which include credit for machinery, industrial shed, working capital and more, the company enables personal loan, two-wheeler loan, used car loan, tractor loan, housing loan, etc. MAS Financial Services was started in 1995 with operations in two-wheeler and SME finance. Its AUM crossed Rs 2,000 crore in 2015 and Rs 6,500 crore on a consolidated basis in 2022.
On a standalone basis, MAS Financial Services reported AUM growth of 25.94 per cent to Rs 8,417.85 crore and 24.16 per cent growth in PAT to Rs 57.25 crore for the June quarter this fiscal from Rs 6,683.92 crore AUM and Rs 46.11 crore PAT for the June quarter in FY23.
The company’s total income stood at Rs 280.07 crore in Q1 this fiscal, up 41 per cent from Rs 197.79 crore in Q1 last fiscal. The FY23 total income stood at Rs 949 crore.