Asset quality improvement to boost RoA going forward Key takeaways from our meeting with Mahindra Finance (MMFS) management: 1) Asset quality is significantly improving due to a 5-6% improvement in collection efficiency YoY and a reduction in disposable losses on account of lower repossessions; 2) With incremental NPLs coming down, focus has now shifted to accelerate its growth; the company expects 15%+ growth in FY18 (vs. 14% in FY17) driven by growth in segments such as pre-owned vehicles, tractors and CEs; 3) Management expects RoA to improve to 2% at end-FY18 (vs. 1.1% in FY17) on a like-to-like basis (120DPD); 4) Management expects the housing subsidiary to...