Deep rooted upcountry presence, tie ups with OEMs and ample availability of funds will enable MMFS to grow (m-share gains) in spite of OEMs' woes. Vulnerability to rural stress remains. We reduce multiples (2.25x Jun-21E ABV vs. 2.75x earlier) due to increasing macro turbulence and oscillating coverage (that precludes a meaningful understanding of expected credit losses). A sharp rise in provisions (vs. reversals in 4Q) ate into PAT (Rs 684mn, -75/88%). Strong AUM growth (+22/7%) in spite of weak auto sales surprised. MAINTAIN BUY with a TP of Rs 399 (2.25x Jun-21E core ABV of Rs 200 +Rs 18 for MIBL).