Manappuram Finance reported strong sequential growth of 11% in gold loan portfolio (73% of AUM) due to increase in ticket size. Within Non-Gold, Asirvad MFI and vehicle finance segment reported decline of 1%/16% QoQ respectively which resulted in lower AUM growth of 19% YoY vs 25.6% (Q1FY21). NII grew by 17% YoY led by decline in NIMs due to higher liquidity; PPoP grew by 13% YoY led by decline in other income. PAT de-grew by 3% YoY led by higher provisions (up 270% YoY). MFI reported second consecutive quarter of loss of Rs.24mn (Rs.50mn H1FY21). We revised the estimates of gold AUM growth at 15% vs 10% earlier for FY21E. We introduce FY23 estimates in this report. We roll-over to FY23E...