PBT grew 16% YoY to INR4.7b. However, a DTA benefit (on account of reverse merger of subsidiaries) of INR35b led to PAT of INR39b in the quarter. During the quarter, PIEL merged all its lending subsidiaries into one, namely, Piramal Capital & Housing Finance Ltd. This would help the 28 May 2018 company diversify its borrowing profile, and thus, lower its cost of funds. The loan book continues growing at a rapid pace (+69% YoY to INR422b). With incremental disbursements in relatively safer segments, yield on loans declined 50bp QoQ to 14.8%. Likewise, cost of funds declined 20bp QoQ to 8.4%. RoA, on a QoQ basis, declined 100bp to 3.1% we await clarification from management. Revenue grew 10% YoY to INR13.6b.