Manappuram Finance reported strong gold loan (core business) AUM growth of 31% YoY despite loss of 2 weeks in March quarter due to lock down. Within Non-Gold, Asirvad MFI and vehicle finance segment clocked a 43/21% YoY growth respectively, overall AUM growth at 30% YoY (best in the NBFC industry). NII/PAT growth came in strong at 26/43% YoY. PAT was higher than our and market estimates due to robust AUM growth maintained. Strong growth in PAT came on the back of reduction in the corporate tax rate along with higher operating profit growth (up 55% YoY). Asset quality deteriorated with GNPA in gold loan portfolio increased to 1.0% vs 0.5% QoQ. We retain our BUY rating on the stock with a...