Muthoot Finance’s (Muthoot) standalone PAT increase of 4% QoQ was led by 84bps QoQ higher yield (biggest positive in Q3FY23 result) partially offset by 9% QoQ increase in opex. However, yields remained lower than peak levels of ~21% and overall gold AUM growth remained subdued at 0.6% QoQ in Q3FY23 (1% decline in 9MY23 vs 10% growth guidance for the full year).