MMFS' NIMs improved by 20bps QoQ led by improvement in yield on assets. Management guided for NIMs to improve from here on with positive impact of rate cut on cost of funds. Asset quality deteriorated with GS3 at 3.85% vs 3.7% QoQ led by higher write offs. Q1 generally is slow quarter with respect to collections. AUM growth slowed down to 15% YoY (17% YoY FY25) led by lower disbursements; we expect 14% CAGR over FY25-27E. NII grew by 20% YoY led by rise in NIMs. PPoP grew by 19% YoY led by lower operating expenses (up 17% YoY). PAT grew slowly by 3% YoY led by higher provisions (up 47% YoY). Thus, RoA...