Mahindra & Mahindra Financial Services (MMFS) reported strong operating performance. AUM grew 14% YoY to almost reach INR500b, registering the fifth straight quarter of 13-14% AUM growth. Growth was driven primarily by tractors (+14% YoY), pre-owned vehicles (+14% YoY), and SME (+71% YoY). MMFS bit the bullet and migrated its NPL recognition to 90dpd. GNPL ratio declined 20bp QoQ and 70bp YoY to 10.3% on 120dpd. GNPL ratio on 90dpd was 12.5%. MMFS targets to bring it down to 9-10% by end-FY18. MMFS incurred a provisioning cost of INR 4.45b in the quarter, of which...