Manappuram's focus on diversifying towards the non-gold loan segment is a positive move. In the September quarter (Q2FY24), the company saw growth in assets under management (AUM) driven primarily by the non-gold segment. This was largely due to the growth in microfinance lending, which led to non-gold AUM accounting for approximately 47% of the overall AUM mix in Q2, compared with 37% in Q2FY23. Manappuram has guided for a 50:50 mix between gold and non-gold segments in its portfolio.
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