Neutral Manappuram Finance Ltd For Target Rs. 290 by Motilal Oswal Financial Services Ltd

* Expect gold AUM/consolidated AUM to grow ~15%/2% on a sequential basis.
* Expect credit costs to decline ~160bp QoQ to ~6.8%.
* Expect margin to contract ~15bp QoQ and spreads to decline ~20bp 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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