HDFC Securities
Maintain BUY with a TP of Rs 435 (2.5x Sept-19E ABV). Ujjivans 2QFY18 performance was largely in line with expectations. It made provisions of Rs 882mn, leading to negative PAT of Rs 120mn. Loan book growth was 3.3% QoQ at Rs.66.7bn, as disbursements improved 14.8%.
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