Muthoot Finance's AUM growth of 16% has come in line with our expectation. Company has reported a bit subdued quarter with NII at Rs11.8bn (growth of 7% YoY) and PAT at Rs5.3bn (growth of 7.4% YoY). Stage III loan assets though increased by 50bps sequentially to 3.2%, are not a cause of concern. All the subsidiaries are witnessing healthy growth, accounting for 12% of the overall loan book. We continue to...