Manappuram Finance's Q1FY19 result has come in line with our expectations. There has been an overall AUM growth of 24% YoY (+5.4% QoQ) backed by housing and CV finance in the non-gold segment. NII and PAT growth of 12%/19% YoY has largely been in line with our estimates. Growth in NII was majorly supported by 40% YoY increase in income from operations in the microfinance segment. Asset quality of the standalone business is stable on a sequential basis at 0.7%. Q1FY18 adjusted PAT has been revised upwards by 9% as it moves towards IND AS accounting. We retain a Buy rating on the...