Cholamandalam Investment and Finance's (CIFC) 4QFY18 PAT grew 32% YoY to INR2.9b, a 6% beat. CIFC had another strong quarter on the vehicle finance front. Disbursements grew 55% YoY and AUM grew 33% YoY. At the same time, GNPL ratio in this segment declined 74bp QoQ to 2.04%. This is lower than even the number reported on 180dpd basis in FY15. The home equity segment has stabilized. While disbursement growth on a YoY basis looks optically high at 48%, it is merely due to the low base effect. Otherwise, disbursements have largely been around INR8b in the past three quarters. More importantly, there have been some resolutions under SARFAESI due to which the GNPL ratio declined 60bp YoY to 5.4%