Ujjivan reported a loss of Rs 749 mn, much higher than our expectations, due to deterioration in asset quality (GNPA ratio was at 6.16% vs. 0.28% in Q4 and NNPA was at 2.3% vs. 0.03% in Q4). Provisions increased to Rs 1.6 bn (includes Rs 430 mn for NPAs of Nov-Jan period).