Muthoot Finance (MUTH) reported lower growth in gold AUM at 18% YoY vs 29% YoY (Q1FY22). Overall cons. AUM grew by 17% YoY; management maintained the guidance of 15% growth for FY22. Profitability growth was lower at 11% due to higher provisions. NII grew by 14.5% YoY led by decline in margins; while PPoP grew by 17% YoY led by lower operating expenses. Provisions increased by 595% YoY (up 121% QoQ) due to asset quality deterioration. Stage III loan assets increased to 1.9% vs 1.2% QoQ, while Company carries excess provision of Rs2.95bn in balance sheet. We believe that MUTH with ~90% of AUM in the Gold loan portfolio has lower risk of loss of assets versus...