We consider a Machine-To-Machine (M2M) network where a large number of user nodes (STAs) communicate with a Data Collector (DC). We consider the case where all the user nodes periodically transmit their data packets to the DC and the network is in saturation. Recently protocols based on Frame Slotted Aloha (FSA) have been shown to be suitable as MAC protocols for M2M data collection networks under saturated conditions. It can be shown that implementing Multi-Packet Reception (MPR) capability to the DC improves the performance of the FSA protocol. In this work we propose a Multi-Packet Reception (MPR) based FSA (MPR-FSA) protocol and study its performance. We derive the asymptotic limits of throughput, delay and energy efficiency based on MPR-FSA protocol. We also derive the limiting value of MPR (Klim) parameter for a given FSA based data collection network at which asymptotic performance is achieved. A mathematical model is proposed and the analytical values are validated using extensive simulations. © 2016 IEEE.