Manappuram Finance (MFL) delivered another strong performance (better than estimates) during Q4FY20. NII for the quarter grew by 33% YoY to Rs 1,025 cr, led by strong 30% YoY growth in AUM and 33 bps QoQ expansion in NIM. Strong NII growth and sharp improvement in Cost to Income ratio bolstered operating profit growth at 55% YoY/ 11% QoQ at Rs 657 cr (our estimate: Rs 531 cr). Cost to Income ratio improved by ~200 bps QoQ to 36.7%, largely due to rationalization of security cost. Profit during the quarter increased by 43% YoY to Rs 395 cr vs. our estimates of Rs 352 cr....