Key takeaways from Q1FY17 : 8 NII declined 5.7% yoy to Rs 6.8bn, below our expectation, as NIMs contracted 116bps yoy to 6.5% and AUM growth remain sluggish at 11%. 8 Disbursement growth remained moderate at 8% led by flat growth in Auto/ UV/ Cars, even as Tractors and commercial vehicle reported healthy growth of 15% and 40% respectively.Phillip Capital Maintain BUY with a PT of Rs 350 (unchanged). They value MMFS standalone at 2.4x March 2018 BV, implying a value of 323, MRHF at 14 per share, and MIBL at 13 per share.Trendlyne has 13 reports on M&MFIN updated in the last year from 4 brokers with an average target of Rs 296.8. Brokers have a rating for M&MFIN with 2 upgrades,3 price upgrades in past 6 months and 1 downgrades,5 price downgrades in past 1 Year.