Bajaj Finance (BFL) clocked in a steady fourth quarter performance, largely in-line with estimates. PAT was up 42.6% YoY to Rs 449cr led by an AUM growth of 36.1% YoY to Rs 60,194cr and NII growth of 48.3% YoY to Rs 1,477cr. Provisioning increased by 85% YoY on a one time provisioning impact (Rs 89cr) from demonetization. G/NNPAs were under control at 1.7/0.4%.