Strong quarter; operating leverage benefits playing out
* Muthoot Finance’s (MUTH) 1QFY18 PAT grew 30% YoY (and 9% QoQ) to INR3.51b (in-line). Though there was a 5% revenue miss, it was offset by lower-than-expected provisioning.
* AUM growth remained anemic at 8% YoY (2% QoQ) to INR278b. The management has guided ~10% AUM growth in go