Q1FY18 PAT was in line at Rs 1.9 bn (up 7% YoY) with AUM growth of 17.5% YoY at ~Rs 241 bn. Cost of borrowings was down 10 bps QoQ to 9.3% (expect ~30 bps more reduction in FY18) that helped NIM improve to 13.8%, though incremental benefits may be passed on.