Capital First's (CAFL) 2QFY18 PAT grew 36% YoY to INR785m, in line with the trend of the past few quarters, driven by strong AUM growth, NIM expansion and stable asset quality. AUM growth of 7% QoQ/28% YoY to INR230b surprised us positively. Growth continues to be driven by consumer durables and 2W loans, which grew 64% and 40%, respectively. While LAP AUM increased only 12% on a YoY basis, sequential growth was 5%. We believe this segment can deliver 15%+ YoY growth from the next quarter. Over the past year, the share of LAP has declined 500bp to 40%. On the other...