Business Growth Continues to be Strong; Maintain BUY Led by robust growth in both individual and non-individual segments, HDFC has reported a strong growth in loan disbursement in 3QFY18. Its loan book grew by a healthy 18% YoY led by continued pick-up in individual loan book (+18.6% YoY and +5.9% QoQ) and non-individual loans (+20.8% YoY and +4.8% QoQ) owing to strong pick-up in lease rental discounting and construction financing. Sustained pick-up in high-margin non-individual loan is encouraging, in our view. Reported profit surged by 382.5% YoY and 290.6% QoQ to Rs52.0bn led by: (a) healthy growth in core business; and (b) one-time gain from stake sale in HDFC Life via IPO in Oct'17,...