Dewan Housing Finance's (DEWH) 3QFY18 PAT grew 25% YoY to INR3.1b.The quarter was characterized by strong AUM growth, a stable C/I ratio and a secular decline in cost of funds. AUM grew 29% YoY to INR1t , largely driven by 54% YoY disbursement growth. DEWH reported disbursements of INR108b, with the highest growth rate in the last 19 quarters. We note that sanctions grew 75% YoYto INR166b. This strong growth was largely led by the non-home portfolio. Loan mix is now more skewed toward LAP (at 18%, +20bp QoQ) and builder finance (at 15%, stable QoQ). Contribution of home loans reduced by 70bp QoQ to 63% of loan book