Q4FY22 was a disappointing quarter for Manappuram Finance (Manappuram) as yield in the gold loan business continued to decline (24.0% / 20.3% / 18.8% yield to AUM in Q2/Q3/Q4FY22) along with core gold and MFI businesses’ AUMs declining (1.4%/3% QoQ decline in gold/MFI AUMs). Consolidated pre-provisioning profit (PPOP) was up 12% QoQ despite lower yields due to lower opex and one-time direct assignment income.