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Disbursements flat MoM; asset quality stable

Nov’23 disbursements grew 18% YoY and CE stood at 94% (vs. 96% YoY)

Key takeaways from Nov’23 business update:

? MMFS reported Nov’23 disbursements of ~INR53b, flat MoM and up ~18% YoY. YTD disbursements stood at ~INR360b, up ~16% YoY.

? Gross business assets as of Nov’23 stood at ~INR966b, up 26% YoY and up ~17% over Mar’23. ? Nov’23 collection efficiency stood at 94% (vs. 96% in Nov’22).

? GS3/GS2 were range-bound compared to Sep’23.

? Important to highlight here that in 2022, Diwali was in October, but in 2023, Diwali was in November. This explains the YoY growth in disbursements and the slight decline in CE.

? As of Oct’23, MMFS maintained a comfortable liquidity position equivalent to ~2.5 months of funding requirements.

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