Manappuram Finance

-Flat results but optimistic commentary

• main triggers will be

1. gold price

2. good monsoon and agricultural pickup

3. Ashirwad turning into mini gold loan NBFC with plan for 25% gold loan

4. new branches awaiting rbi approval

5. Microfinance turning around ,provisioning going down

6. gold growth guidance 10%

7. other non gold portfolio good growth expectations

8. good dividend

9. positive free cash flow

10. clean Management

11. soon moving towards well diversified NBFC

And Everything available at price to book of 1