Maintain BUY with a TP of Rs 440 (2.5x Dec-19E ABV). Ujjivans 3QFY18 performance was in line of expectation. AUM grew by 6.4% QoQ to Rs 70.9bn. Provisions stood at Rs 287 mn as the company had largely provided for the delinquent book in 1HFY18. Disbursement grew 9.2/28.4% QoQ/YoY to Rs 21.3bn. PAT stood at Rs 293mn.