MAS Financial Services (MASFIN) reported 6% YoY higher PAT to INR365m (est. INR374m) in 4QFY21. The 14% miss on operating profit to INR575m was due to higher-than-estimated financing costs, coupled with higher operating expenses (est. 18%). Lower-than-estimated provisioning of INR75m (55% below our estimate) led to in-line PAT. It posted 20%/16%/20% decline in total income / PPOP / PAT in FY21. Overall earnings and balance sheet growth are muted due to the cautious approach adopted by the management. We cut our estimates for...