good post, but provisioning numbers for mannapuram and muthoot are much different. Let me provide individual info.
1) mannapuram has total provisioning of @81 cr. for AUM of @13400 cr. (provisiong of 0.5%)
2) Muthoot has total provisioning of @606 cr.(101 for NPA & 505 std. assets) on AUM of @277700 (provisioning of 2.1 %)
if we think logically manapuram has more riskier loans(1827cr. out of 13400 are micro finance ,non secure lending),so theoretically mannapuram should provide more in relation to AUM.
3) mostly investor just compare PE ratio and says muthoot is expensive. but spare some thought if muthoot had not provided for standard asset above RBI Guidelines(0.35% is rbi prov.req. vs 2% held by muthoot) its profit and book value would be higher.
4) most of muthoot finance NPA are secured gold loan asset (lower MFI assets propotion vs mannapuram) and can be monetized easily.
Disc: hold muthoot finance ,no position in mannapuram