MAS Financial Services Q4 Review - Collection Efficiency At 95%; Cautious On Growth: Motilal Oswal
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Motilal Oswal Report
MAS Financial Services Ltd. reported 6% YoY higher profit after tax to Rs 365 million (our estimate Rs 374 million) in Q4 FY21.
The 14% miss on operating profit to Rs 575 million was due to higher-than-estimated financing costs, coupled with higher operating expenses (our estimate: 18%).
Lower-than-estimated provisioning of Rs 75 million (55% below our estimate) led to in-line profit after tax.
It posted 20%/16%/20% decline in total income / pre-provision operating profit / profit after tax in FY21.
Overall earnings and balance sheet growth are muted due to the cautious approach adopted by the management.
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