Manappuram Finance reported strong gold loan (core business) AUM growth of 30% YoY which supported overall AUM growth of 35.5% YoY. Within Non-Gold, Asirvad MFI and vehicle finance segment clocked a 57/43% YoY growth respectively, along with its core Gold loan book growing at 30% YoY. NII/PAT growth came in strong at 30/63% YoY. Strong growth in PAT came on the back of reduction in the corporate tax rate along with higher operating profit growth (up 50% YoY). We retain our BUY rating on...