Upgrade to BUY with a TP of Rs 360 (2.2x FY19E ABV). Ujjivans 1QFY18 performance was impacted by one-time provisioning for sticky non-paying customers. It reported a loss of Rs 750mn, with provisioning of Rs 1.6bn. Cumulative repayment since demonetisation remained at 96% vs 96.7% in 4QFY17.