Maintain BUY with SOTP of Rs 487 (2.75x Sept-20 ABV of Rs 171 + Rs 18 for MIBL). MMFS superior performance across parameters yet again, was astonishing. Multi-qtr high broad based disbursals growth (43%) drove an AUM growth of 26%. Asset quality improved as gross/net stage III was lower by 40/30bps QoQ to 9/6% even as provisions dipped sequentially. Calc. NIMs expanded 30bps to 7.9% with better asset quality and slower rise in CoF. This lead to a 33% beat to our net earnings estimates.