SCUF reported PAT of INR470m for 4QFY18, much below our estimate.This was largely driven by higher provisioning expenses. PPoP grew 14%YoY (3% miss) to INR4.9b. Disbursements grew 6% YoY to INR66b. MSME disbursements grew 30%YoY to INR31b, which reflects a breakout from the range-bound levels ofINR23b- 25b in the last 7-8 quarters. Likewise, disbursement growth of40%+ YoY in the 2W segment was a key positive. AUM grew 19% YoY to INR274b, though we note the repayment rate falling to 20% (-500bp YoY). We also note that the repayment rate in MSME financing has dropped from 73% to 60% over FY16-18.