Mahindra Finance (MMFS)'s 2QFY21 PAT was up 21% YoY to INR3b (a 64% beat and v/s INR1.5b QoQ). While PPoP was largely in line with est., lower provisions of INR6.2b (v/s est. INR8b) led to the PAT beat. PPoP grew 26% YoY to INR10.3b as opex declined 24% YoY to INR3.9b. Decline in opex was largely driven by 46% YoY decline in other expenses. Value of Assets (VOA) financed stood at INR54b (down 45% YoY). In the Auto/UV and Tractor segments, VOA was down just 2223% YoY, and in other segments, it was down 6585% YoY. While we acknowledge the...