Manappuram Finance's Q2FY19 result has beaten our expectations. AUM has grown by 25% YoY (3.4% QoQ), with positive momentum from all the segments. NII and PAT growth of 20%/38% YoY has been 6%/14% ahead of our estimates respectively. NIMs have expanded by ~80bps sequentially to 16.7% largely attributable to increase in net lending yields for gold loan segment. GNPA in the gold loan segment has seen a marginal uptick of 10bps sequentially to 0.7%. We have revised our FY19/FY20 estimates upwards by 4%/2% respectively. We retain a Buy rating on the stock with a...