SHTF had a good 3QFY18. The quarter was marked by strong AUM growth, margin expansion and stable asset quality. This biggest positive surprise in the quarter was AUM growth of 18% YoY -the highest in over 15 quarters. This was driven by 17% YoY growth in used CV loans and 26% YoY growth in new CV loans. Going product-wise, growth was largely driven by the M&HCV segment (20%+), while growth in passenger cars & tractors was modest. Disbursement growth of 65% YoY was very strong, despite the low base. Yield on AUM compressed 25bp YoY to 13.97%. This is explained partly by coreyield compression and partly due to higher share of off-BS assets. On the other hand, CoF was largely stable QoQ and down 50bp YoY ??? this drove 35bp YoY NIM expansion in the quarter.