Weak results; Non-gold loans to drive growth Manappuram Finance Ltd (MFL) reported weak results led by a muted AUM growth of mere 0.7% YoY (6.6% QoQ) to 14,650 crore as on 31 Dec'17. Net interest income (NII) grew 5.5%, while pre-provisioning profit and net profit declined 12.6% and 14.6%, respectively. Cost-income ratio increased 1,045bps YoY to 51.0%. Asset quality remained healthy with gross and net NPAs at 0.7% and 0.4%, respectively, down 50bps QoQ each. Recommendation: Over the last few months, the stock of MFL has remained...