Neutral Manappuram Finance Ltd For Target Rs. 240 by Motilal Oswal Financial Services Ltd

* Expect gold AUM/consolidated AUM to grow ~4%/1% on a sequential basis.
* Expect credit costs to increase ~115bp QoQ to ~6.1%.
* Expect margin to expand ~15bp QoQ and spreads to decline ~15bp in the consolidated loan book.
* Commentaries on gold loan growth and asset quality in the MFI and PL segments are the key monitorables.
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