MMFS' 1QFY17 results disappointed. In a seasonally weak quarter, G/NPAs jumped ~37/70% QoQ. As asset quality deteriorated, NIMs declined ~330bps QoQ (interest reversals of Rs 1.3bn) and provisions jumped ~2.1x QoQ (even after a write-back of Rs 1.9bn). Core earnings at Rs 6.75bn (-33% QoQ) and net earnings at Rs 870mn (-77% QoQ) were below estimates. Business momentum (disbursements +8% and AUM +11%) was muted with focus on collections vs. growth. HDFC Securities Maintain BUY with a revised TP of Rs 340 (3x Mar- 18E ABV of Rs 111 + Rs 8/sh for MIBL).Trendlyne has 14 reports on M&MFIN updated in the last year from 4 brokers with an average target of Rs 320.8.Brokers have a rating for M&MFIN with 2 upgrades,5 price upgrades in past 6 months and 1 downgrades,4 price downgrades in past 1 Year.