20 July 2018 Bajaj Finance (BAF) reported PAT of INR8.36b under Ind-AS accounting (INR10.2b quarter was marked by continued new client addition (+33% YoY), improving spreads YoY and stable asset quality. (b) On a comparative basis, FY18 PAT was 7% lower under Ind-AS v/s I-GAAP, again largely due to amortization of fee and subvention income. Since a higher share of fee income/subvention income related businesses is written in 1Q and 3Q of the year, Ind-AS impact due to amortization is likely to be higher in these quarters. In FY18, the amortization-related impact for the full year (INR1.97b) was largely equal to that in 1Q (INR1.86b), and we expect a similar trend in FY19 too. b) Standard assets provisioning on balance sheet improved to 90bp v/s 40bp earlier due to Ind-AS implementation and higher provisioning requirement in stage 2 loans (30-90dpd). c) Total provisions on the balance sheet stand at 1.