A sustained and relentless focus on collections translated into sustained asset quality improvement. Vulnerability to rural stress persists, although reducing. The impact of upcoming elections and monsoon are key monitorables. In spite of continued mkt share gains and subdued competition from smaller NBFCs, we expect lackluster auto growth to impact MMFS. Better than expected improvement in asset quality (GNPAs: ~5.9%) and provision reversals (~Rs 1.15bn) drove PAT (+95/88%). Maintain BUY with a TP of Rs 504 (2.75x Mar-21E ABV of Rs 177 + Rs 18 for MIBL)