Indiabulls Housing Finance's (IHFL) PAT grew 26% YoY to INR8.6b (4% above our estimate). Core operating performance was robust, with strong AUM growth (+33% YoY) and stable spreads. However, other income (income from the liquid investment book) remains subdued due to lower incremental yields. Note that IHFL had generated a good spread on its investment book above cost of funds in FY16 and FY17 - that is beginning to vanish now. AUM growth was in line with trend at 33% YoY to reach INR1t. This was driven by 36% YoY growth in disbursements to INR95b. Management is bullish on...