CITI ON M&M FINANCE ; BUY | TP CUT TO ₹420 FROM ₹440

• GS3/GS2 trends improved; credit costs remained well contained. • Spreads were pressured by elevated liquidity and trade advances, though NIMs stayed above 7%. • Disbursement momentum remains broad-based; non-wheel diversification is scaling up. • Operating leverage is improving, helped by better frontline productivity. • Capitalisation remains robust with a conservative liquidity cushion.

M&M FIN. SERVICES LTD

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