SHTFs results were in line with estimates driven by a seven-quarter high AUM growth of 14% and sixth quarter of NIM (7%) improvement. Disbursements were at 17% with improving HCV and PV demands in urban areas. Weak monsoon and slowdown in the rural market took a toll on asset quality, with GNPAs (4.2%) rising ~10%. However, SHTF maintained PCR at ~79% (highest amongst peers).