Manappuram Finance's gold portfolio de-grew by 6% QoQ due to higher auctions (Rs.4bn) as well as decline in gold prices (down 12% QoQ). This resulted into slowdown in AUM growth to 8% YoY vs 15% YoY (Q3FY21). However, non-gold portfolio grew by 10% QoQ led by 12% QoQ growth in MFI (22% share of AUM). MFI reported stable asset quality as GNPA stood at 2.5% vs 2.6% QoQ; however PAT declined by 82% QoQ due to higher provisions (up 96% QoQ). We need to watch out for second wave impact on MFI portfolio. NII grew by 18% YoY led by improvement in NIMs; PPoP grew by 11% YoY led by decline in other income (down 62% YoY). PAT grew by 24% YoY led by lower provisions (down 13% YoY). We believe covid-19...