MAS Financial Services Ltd
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MAS Financial Services Ltd
NSE:MASFIN
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Ladies and gentlemen, good day, and welcome to the MAS Financial Services Limited Q1 FY '25 Results Conference Call hosted by Equirus Securities. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Shreepal Doshi. Thank you, and over to you, sir.
Thank you, Sejal. Good afternoon, everyone. I Shreepal Doshi from Equirus Securities. Welcome you all to the earnings conference call of March Financial Services to discuss the Q1 performance of the company, discuss industry trends and outlook going ahead. We have the senior management team of MAS Financial Services with us represented by Mr. Kamlesh GandhI, Chairman and Managing Director; Ms. Darshana Pandya, Director and CEO; Mr. Dhvanil Gandhi, Executive Vice President; and Mr. Ankit Jain, the Chief Financial Officer. I would now like to hand over the call to Mr. Kamlesh for his opening comments, [indiscernible] which we can open the floor for question and answer. Over to you, sir.
Thank you so much, Shreepal, and good afternoon to everyone. I'm very happy to connect once again for the first quarter review. The quarter in consistent to our stated objective have registered more than 25% growth in [indiscernible] on a consolidated basis, while maintaining very strong fundamentals on our [indiscernible] asset quality, capital adequacy and liquidity. .
Just to give you a very brief on our working, we are strengthening our distribution network, both direct and indirect, to create an efficient and scalable distribution model, which also covers all geographies, giving us well diversified geographies across our diversified products. So our endeavor is on diversified distribution and diversified products. and we are working in that direction. We also have a special focus on people and processes by adopting enabling technology and constantly upgrading the same tool.
While the detailed numbers will be taken up by my colleague Darshana Pandya. But before that, I'm just giving you an update on our housing finance company, which also grew at a very strong [indiscernible] 38%, and we anticipate the same to register a growth of around 35% in foreseeable future.
And this company also grows with very strong fundamentals and on all aspects. I am very thankful to all the investors who have shown tremendous faith in us by subscribing to a [indiscernible] of INR 500 crores, which was subscribed as many as you know, multiple times. And while the details of the numbers are already [indiscernible] and will be shared there by my colleagues, let me throw some light on going forward.
So going forward, we remain committed, as I said earlier, to our second objective to double our AUM every 3 to 4 years and being very fundamentally very strong. That is what we have demonstrated over all this journey of close to 28 years across cycle. In a lending business, having cycles to go through plays a very important role in judging the performance of the company. And I'm happy to share that across cycles, we have stood the litmus test of all the challenges and have produced the results, which are in front of you. So I think that this INR 11,000 crores of AUM on a concerted basis, with a very strong fundamentals on capital adequacies as our niche expertise in serving the segment of vast market size and our attitude and attitude and on there is, I think, definitely help us with a very strong team of close to 4,000 to meet our second objective of doubling our AUM every 3 to 4 years.
So going forward, we see a very bright future ahead of us, a lot of opportunities. And we are sure that we be in a position to do our best. So with that, I will be handing over to Darshana Pandya to take over to give you a very brief on the numbers for the performance for the quarter, that is June 23.
Thank you, sir. Good afternoon, everyone. I'm happy to connect with all of you once again. As shared by Kamlesh, sir, we have crossed 1 more milestone this quarter that is INR 11,000 crore AUM on a consolidated basis. So on consolidated basis, the exact number is INR 11,600 crores of AUM and profit after tax is INR 72.56 crores as on June '24, as compared to INR 8,867 crores AUM and INR 57.56 crores of PAT, which is 24.12% growth in AUM and 26.06% growth impact on a consolidated basis. Coming to the standalone numbers. Our AUM grew by 23.35% from INR 8,418 crores to INR 10,383 crores. And if we look at the segment-wise growth, micro enterprise loans grew by 12.49% from INR 4,021 crores to INR 4,523 crores. SME loans grew by 23%, that is INR 3,074 crores to INR 3,784 crores. Two-Wheeler loan growth is 17.13% from INR 571 crores to INR 668 crores. Commercial vehicle loan grew by 82.28% that is from INR 448 crores to INR 817 crores and SPL loans, salaried personal loans grew by 95% from INR 302 crores to INR 590 crores.
So major growth is contributed by MSME segment that is 62%. And the next is around 24% from deals portfolio and 14% from SBL loan book. Let me look at the profitability numbers, total income grew by 23.71% on a Y-on-Y basis from INR 280 crores to INR 346 crores. Profit before tax grew by 24.53% from INR 75.8 crores to INR 94.39 crores. Profit after tax grew by 23%, INR 57.25 crores to INR 70.43 crores.
If you look at the quality of the portfolio, it is still very strong. Portfolio quality remained stable and strong at 2.29% gross Stage 3 asset and net Stage 3 asset is 1.52% as compared to 2.25% gross Stage 3 and 1.51% net Stage 3 as of March '24. We still carry a management overlay of INR 17.60 crores as on June '24, which is 0.22% of our on book [indiscernible]. Looking to the housing performance. Here is also a very strong growth. We registered a very strong growth. AUM grew by 8.44% from INR 450 crores to INR 623 crores. Total income there is a growth of 37% from INR 13.61 crores to INR 18.63 3 crores. PBT grew by 38.46% from INR 2 crores to INR 2.80 crores, and profit after tax grew by 36.41%, from INR 1.59 crores to INR 2.17 crores. The quality of -- if you look at the quality of the portfolio, the gross Stage 3 assets is 0.90% and net Stage 3 asset is 165% as compared to 0.90% gross Stage 3 and 0.66% at Stage 3 as on March '24. Here also, we carry a management overlay of INR 3 crores, which is 0.63% of our on book side. So this was all about our performance for both the company.
Now I'll request Ankit to take us through the liability management.
Thank you, Mam. Good afternoon to all. To elevate on the vet management company through its libability management was able to maintain cash and cash equivalent of around INR 800, excluding the.
[Technical Difficulty]
and unutilized capital security of around INR 600 crores. In addition, the company as on 30th June has sanctioned on hand to a tune of INR 2,200 crores in the form of term loan direct SMN [indiscernible]. In the last quarter, committed around INR 600 crores direct assignment [indiscernible] The company further has around INR 1,500 crores [indiscernible] on hand, which we plan to utilize during the year. We aim to maintain around 25% of the units of booked through direct [indiscernible]. Company has available capital facility of around INR 1,700 crores out of which [indiscernible] utilize was 70% to 75%, and this [indiscernible] was kept on equity buffer. We raised around INR 490 crore term loan during the quarter, having an average maturity of 3 to 5 years. We further have around INR 725 crores to [indiscernible] on hand.
In terms of capital market transaction we raise INR 150 crores during the quarter. We [indiscernible] strong in pace with respect to structural equity forewarn
[Technical Difficulty]
and whereby liquidity at adequate and the cash flow in all the community bucket in positive. As you all know, during the quarter, the company was at the
[Technical Difficulty]
This QIP marked the positivity raised by the company so IP in 2017. The capital pace remains strong at [ 28.5% ] for the quarter, with Tier 1 capital of [ 25.3% ] and the debt equity of 3.8x. The cost of borrowing for the quarter was 9.80%. The cost of borrowing for June quarter last year was 9.68%. Therefore, the -- and if you compare it to March number, it has been stable. We expect to -- the cost of borrowing to remain stable going forward too. The basis on the capital and liability management.
And now we are open to Q&A round.
[Operator Instructions] The first question is from the line of Shubhranshu Mishra from Philip Capital.
And thank you for the detailed presentation. I just have one question around the distribution channel. That says retail asset channel and direct retail, which one can you can describe this, is this something different from our lending that we do towards the NBFC?.
That is indirect rated channel.
So in the -- this is totally through our own channel retail asset channel is through our own employed and direct retail distribution. Can you [indiscernible] explanation.
In Direct, if I give the breakup of direct and indirect in terms of working, direct retail distribution is a distribution where are direct branches and our channels and our people are involved directly on a loan-to-loan basis. Indirect retail distribution, we use [indiscernible] based on a loan-to-loan basis, whereby we have added bit control on all the retail assets created by our channel, as I shared a number of times, the way we have the control, and this is a 15 year model now. We started [indiscernible] in 2010, '11. So close to 14 to 15 years old model, whereby the partner [indiscernible] are funded in order to create the assets, the same assets, which we do directly.
Sir, I understand that I've been tracking MAS Financial for some time. So I'm a little confused as to this retail asset channel. Does it mean NBFCs -- that was my [indiscernible] .
[indiscernible] .
So 34% are on lending to other NBF eventually. .
Yes.
And when we say that we're going to double our AUM in the next 3 to 4 years, what proportion would come from our distribution versus NBFCs. So what do we see for 3 to 4 years from now, what this proportion would become?
We value both the distribution given their track record overall this year. So but having said that, our direct distribution will increase at a faster pace. So what looks like when we double our AUM is that it's around what looks like 65p through our direct distribution should be around 70% to 75% through direct distribution and 25% to 30% through our indirect distribution.
Understood, sir. And this retail asset channel also includes our fintech partners for personal loans.
Yes.
[Operator Instructions] The next question is from the line of Abhijit Tibrewal from Motilal Oswal Financial Services.
Congratulations on the good quarter. I just wanted to understand -- in terms of loan growth or AUM growth, we typically guide for 20% to 25%. But when I look at this quarter, right, I mean, in this quarter, we have grown by about 2.5% in the stand-alone. So I mean, looking at the last few quarters, this growth looks a little muted. So if you can just explain what are those factors that led to a little bit of a muted growth in this quarter?
First of all, we don't plan our actual is too much on quarter-to-quarter basis, which is on an annual basis. So we still continue to maintain our growth trajectory of 20% to 25%. Looking to this quarter, usually Q1 is weaker as compared to the other quarters in retail finance industry. So one of the factors that contributes for the lesser growth on a quarter-to-quarter, if you measure the normal tendency of the market to grow slow in Q1, accompanied by certain events like elections and some tremendous [indiscernible]. also contributed to a certain extent. Then ideally, if you ask we would like to grow it around quarter-to-quarter around 3.5% to 4% in the first quarter into [indiscernible], we have grown at around 2.5% to 3%. But we are good with that. And we don't see too much on quarter-to-quarter basis. I am quite on trajectory to have a 20% to 25% growth on a yearly basis.
Okay, sir. Sir, the second question was around the cost of borrowing and margins. I mean, after -- especially after the credit rating upgrade, I'm guessing we've been able to negotiate better with banks in terms of the spreads that we used to charge over MCLR, which is also reflected in our cost of borrowings remaining stable to a minor decline in the cost of borrowings. I mean how should we look at margins going away, especially during the fact that the retail direct distribution is ramping up well, which will essentially mean better yields. So how should we now look at cost of borrowings and margins were there .
[indiscernible] as from a rating perspective, I think the rating has been updated, and it will take time for getting way precalibrated whenever the [indiscernible] reset. And secondly, given the oral scenario, we don't see that coming down very soon. So we'll be maintaining the trajectory what it is currently now. Secondly, on the spread, I think we currently maintain 7% spread close to 7% of [indiscernible]. And after that, we maintain anywhere between 2.8% to 3% of [indiscernible].
So when we increase our retail distribution, wherever in terms of our distribution, I have always -- we have always maintained. But whether it is indirect retail or direct retail, the right way of looking at it at the ROIs what is the ROE we are going to see at the end of the day, and it will be anywhere between 2.75 to 3.25 because if yield increases, the expenditure will also increase in terms of operations and the current cost, which right now is upfronted [indiscernible] our NBFC partners.
So going forward, we see this ROA and needs not to be affected much by our shift in the distribution. And we see that in the range of 2.75% to 3.25%. But we see some expansion in NIM because of the advantage of the rating upgrade over a period of time. because of the lower cost of funds, which will be in a position to raise hopefully, within the next few quarters, should expand our means in the range what I told you that is from 2.75% to 3.25%.
Got it. So then one last question that I had was, we have also given out in the press release as well as in our opening remarks that majority of our growth was contributed by the MSME segment in the last 12 months, 62% to be precise. And given the government's focus on this MSME segment in the budget as well, I mean, have you had a chance to kind of look at, I mean, how many of our customers are really MSMEs, we to [indiscernible] certificates and who will then become eligible for a lot of these trucks, which is there on MSME from the government?
Practically, every borrower we saw it MSMEs BM registered. Because whom do we serve? We serve small businesses, small enterprises into various types of businesses, we saw close to 300 different types of businesses across the geographies we operate. So when we talk about MSME, practically everybody, including our commercial vehicle business, even commercial retail business is considered as [indiscernible]. So they will be registered and there will be any reason for the balance which government content rates to be.
[Operator Instructions] The next question is from the line of Sarvesh Gupta from Maximal Capital.
On your PD profile, we can see some spike both on a Y-o-Y basis. I mean, Q-o-Q is understandable, generally, there is some heightened numbers in the June quarter. But even on a Y-o-Y basis, we see spikes. So is it more to do with the elections or this has been seen in many other -- your peers as well. So is there a visible sort of deterioration that you are seeing amongst your customers to an extent? Or is it more to do with elections and heat waves this year compared to the previous year?
Yes. So if you see our current portfolio is somewhat around 0.6% less than what we would have anticipated. It has nothing to reflect on the deterioration on credit quality. It is just because of the -- some limitations on efforts on collections because of elections and heat wave, which would be well booked now or already it has already started recouping now. So we had a marginal drop in our current portfolio by 0.6%, which we would like -- we would have liked to have than what we would like to have. That has more to do on our efforts on collections other than the deterioration on credit quality.
So now in the months of June and July, are you seeing sort of normalization on these fronts from a Y-o-Y perspective or is this still elevated?
It will take 1 or 2 quarters before it really normalizes and secondly, as we increase our retail portfolio directly, I think there will be some recalibration on the [indiscernible] equity is less than 90. So as we increase our retail distribution directly, the borrowers will be [indiscernible]. We need to bear with them below 90 DPD writer AC. Currently, there was a lot of demand from the MSL segment, especially to requalify them the recognition of NPA from 90 to 180 as such as an industry body of NBFC, advocating business long. But having said that within that 90 DPD bucket, there can be some recalibration that is of 0.5% or 0.6% here or there. So nothing to reflect on the credit quality or any stress on [indiscernible]
Understood. And if you look at your growth profile, I think a lot of this growth has been driven, of course, MSME, SME is the main state of course, growth has been there. But I think a major contribution has come from your salaried loans as well as affordable housing. So my question is that because we also would want to cap these, especially the salaried personal loans at 10% or so. So now in future, do you see newer engines being developed by the company which can sort of take the growth path ahead of that 20%, 25% because one of these are capped, let's say, they are growing very fast and they might reach a sort of a ceiling in 5 or 6 quarters. So then how do you grow at the same pace?
We have our internal plans drawn for the next around 3 years, there is almost 12 quarters as to how we should reach to the next benchmark from INR 10,000 crores to INR 20,000 crores within the next 3 to 4 years. And within that, the key contributor will be the SME, the affordable housing and to an extent, are personal loan within a cap of like. So there has been internal plans drawn very meticulously to say that we registered the growth or we can the growth as targeted. So SME, affordable housing and the wheels [indiscernible] with our, obviously, the annual portfolio and to an extent year in that priority will be driving the growth forward. And we are very confident of getting that in that order.
Okay. Okay. Understood. Sir, finally, just one suggestion on the presentation. I think we see too many of second decimal everywhere. I don't think is required to have such an exact figure. I think it would be better if you can consider maybe less exact numbers, which can portray the same message just as suggestion. .
We're not [indiscernible].
[Operator Instructions] The next question is from the line of Omkar Kamtekar from Askida Admin.
The first question, what I wanted to ask was on the overall yield. Can you -- what is the overall yield of the portfolio?
Overall?
Overall AUM yield?
Yes. So our overall yield on the AUM is 17%.
17% okay. And in view of the credit rate rating [indiscernible] where do you see the cost of borrowing settling maybe over the next 3 to 4 quarters?
[indiscernible] give the exact numbers, but that should be comp on the borrowing -- there is a comp .
See, we have to look in 2 perspectives. So though we expect that this cost of borrowing or to go -- come down from 25 to 30 basis points. But the other way, we have to see also that [indiscernible]. So keeping in mind these are in the established be stable. But our hard price to keep to bring it down by at least 20 basis points.
Okay. Okay. And do you plan to take any rate hikes in the loans given? Or have we taken any in the recent quarters?
The recalibration happens continuously in line with our stated objective of means and ROEs and our operational costs. So every region and every product has differential pricing we can view that it is the stated objective of our close and then the ROAs accordingly. And so there is a very continuous exercise and [indiscernible] company then.
Understood. And with respect to the geographical expansion of the organization, we have a very good stronghold in the central and western parts of the country with [indiscernible] strong oil for states. Where do we see the expansion out with much more revert print growth in geographies are you specifically targeting? Or is there just a blanket like that's .
Dhvanil here. so as you can see from the recent expansion in 4 to 6 quarters, we are trying to develop South and North as well. So as you rightly mentioned, Western region, we are covering more or less have a CapEx presence but we are trying to set up our base for next 3 to 4 years of growth from south and north as well. So Southern states will start contributing meaningfully.
Any specific states that you're targeting? Or is it just a blanket?
The 3 bigger states, Tamilnadu, Karnataka and [indiscernible]. These are the 3 states where we have started setting up our foothold and the footprint. And these are the 3 southern states that we'll be focusing right now.
Okay. And finally, statistics, what is the general turnaround time that we have for processing of application from allowing to [indiscernible]?
So every product will have a different turnaround time. the more smaller loans like 2-wheeler, PL and all have a turnaround time of approximately 1 day. So if there can be same day approval disbursement or 1 to 2 . The slightly bigger ticket size as an annual loans will take anywhere between 3 to 5 days and housing will be around another around 5 to 7 days. So that is how [indiscernible] .
And what is the runoff? So the total repayments that we receive on a quarterly or an annualized basis, the portfolio runoff, any idea?
So it depends on type of products, which we build up every quarter. But generally, it lies between
[Technical Difficulty]
INR 500 crores.
INR 2500 crores of every quarter.
Every quarter. .
Sorry, sorry, I didn't get that.
Yes, every quarter. Every quarter run now is between INR 2000 crores to INR 2500 crores.
We have a follow-up question from the line of Shubhranshu Mishra from Philip Capital. .
Two questions. The first 1 is, can you find that we spoke about our geographic expansion and our focus on South. When you look at the [indiscernible] of the carbon states, they are more than the country's average, which means that organized [indiscernible] more support us versus the rest of the country. Also, these states are way more organized. So any specific strategy we have and how are we changing our hiring in order to even make enroll into these southern states. That's the first.
Second is on the the budget announcements around SME. Now I just wanted to be your honest thought on these measures which have been announced. Does this create a negative credit culture because one also wants to get into the SMA 0 category and wants the lenders to go and ended them as well. [indiscernible] intend there are various other measures like announcements like gaming without a collateral. So just wanted to understand the comfort around that and your honest opinion. And the first question.
So in terms of the penetration as far as southern states are concerned, I think while at a macro level, it looks like are saturated. But when you really look at the ground level. There are a lot of opportunities on replacing certain financial [indiscernible] southern states still have the largest number of private finances across the product. So there is a lot of opportunity replacing certainly such finances and the new demand generated from time to time. .
So our practical experience from these states are such that we are in a position to grow the portfolio with quality. As you know that we have the -- we are a company who will focus not only on the top line, but also with the number of the quality of the assets. So at the ground level reality is that we are getting sufficient opportunities to the extent we want to develop the certain states and which will be very mindful in terms of the total market size there.
In terms of the various -- your second is my response to your second question on the various budget end of .
[Technical Difficulty]
budget proposes around MSME. I think we have new funding this factor right from the loan melas by nationalized banks to the current deal thereby, it is very complete specific or the lender specific on how you have your credit screen design and how you land to them. The quality of the portfolio irrespective of all the developments, dated development or nonbudgeted development will have a very limited impact, if you as a land are quite circuit on where you want to land and how you should land because at the end of the day, if you can -- if your assessment is good enough to -- and to ensure that the repayments are done timely. And the 1 common denominator for a good assessment is a calibrated growth. What gives you opportunity to extend credit where it is due at a growth target.
If you keep your growth costs, your access becomes variable. If you keep suspend constant, the growth can be very able. So that's why we always believe that we are at really believe in growing at 20% to 25%. And that is where I think is competitive and should not have much problem if you go to continue with that because these are very dynamic thing, as far as the culture is concerned, lot of it comes in day in day out and doing the election, post election, preelection also doing some of the urban schemes, which many of the borrowers may lease use. But as a lender, if you follow what I share to you, you can [indiscernible].
Sir, 1 question [indiscernible] answered. How are we changing our higher strategy especially with respect to getting more inroads and changes, I mean, fresh time are we having? Or are we hiring guys who have been intend southern states and various other NBFCs or banks. I just wanted to understand that.
So nothing changed in the strategy. So right from the beginning, we would like to have the combination of pressures and experience and take the experience guys at the sea level have a hybrid of experience and pressures at the junior level. That is what balances your cost. And obviously, when we talk about experience, the relevant experience comes from the ones who are into -- so bank. So we -- and -- that area is -- or that is increasing very fast, whereby you can get the required talent but at the same time the numbers look a lot of challenges available. But at the end of the day, you have to work very hard to get the right talent at place. But in terms of strategy, strategy remains the same hybrid experience and fresh coming from the sector.
[Operator Instructions] The next question is from the line of Shreepal Doshi from Equirus Securities Private Limited.
My question was on Commercial Vehicle segment. So that particular segment has seen a very sharp growth for us during the quarter. So could you please throw some light as to what really aided this growth in terms of -- was it all used or there was some component of new vehicles as well? And how are you seeing the industry at large within this segment?
So if you say in commercial vehicle, we are pretty dominantly into used commercial vehicles. And just to share with you, we have been in this business in [indiscernible] renewed our focus we have we have renewed our focus of leg because given the better opportunities on getting risk-adjusted returns. So our reno focus is helping us. We are introducing the product type so many areas of operations. We are doing the hiring aggressively. And as we have already shared that we want yields to be around 25% of our portfolio going forward. And if you take some of the cities where we see the next 5 years, well growing at this large market of vehicle growing at anywhere around 19% to 20% .
So we see a lot of opportunity within the next 3 to 5 years to expand our news portfolio comprising of used commercial vehicle, used cash and 2-wheelers. So this is a result of our renewed focus on this segment, given the change in the risk adjusted return scenario.
Got it. Got it. And sir, what is the kind of pricing that we are able to enjoy even in this segment?
So the pricing is dependent on the models and the geographies we serve. I can give a range we can start from 16%, 17% to around 20%, 21% depending upon the models and the geographies and the tiger that I gave. But on a -- on an average, we are in a position to get around 19% to 20%.
Got it. Got it. Sir, just 1 question for salaried personal and 2-wheeler segment. So typically, what will be -- what would be the customer score in the [indiscernible] and personal segment that we do.
It will be more than 700. That is 1 of the criteria that we have at -- and even as per our assessment standards, we are saying that the 1 scoring less than 700 have not rendered eligible as per our credit assessment. .
Got it. Got it. Sir. Sir, just 1 last question was on disbursement front. So we do not provide, I think the stand-alone disbursement number. So if you can highlight that in the call or could start providing from the next quarter, it will be very helpful.
Will be there. So we numbers. So we are more focusing on AUM because while disbursement is important. But at the end of the day, a matters a lot because the company makes to interest on the outstanding amount. So we are in that number, but we will start sharing the business and numbers also product.
As there are no further questions, I would now like to hand the conference over to Mr. Shreepal Doshi for closing comments.
Thank you, Sajal, once again, and thank you to all participants for being part of the call, especially thanks to the management of Mass Financial for giving us the opportunity to host the call. Thank you all, and have a good evening. .
On behalf of Equirus Securities Private Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.