Dewan Housing Finance's (DEWH) 4QFY18 PAT (adjusted for stake sale in insurance JV in 4QFY17) grew 26% YoY to INR3.1b (2% above estimate). Disbursements in the quarter were up 81% YoY to INR158b, resulting in 33% YoY AUM growth (fastest growth in the past 18 quarters). This was driven by 23% YoY AUM growth in the core home loan segment and 52% YoY growth in the non-core segment. The share of non-core loans now stands at 39% v/s 37% in 3QFY18 and 34% in 4QFY17. Management has guided for 22% AUM growth in FY19.