Bajaj Finance (BAF) reported 1QFY19 net profit of INR 8.35bn as per IndAS, up 81% YoY. As per IGAAP, net profit was up 69% YoY at INR 10.18bn. AUM growth remained strong at 35% YoY (39% YoY excluding short term IPO financing), driven by consumer, rural and commercial segments. Customer acquisition remained healthy, with the company acquiring 2.1 million new customers (up 33% YoY) in 1QFY19. Margins increased 70bps YoY to 11.6% on a 40bps YoY decline in funding costs. Asset quality trends improved, with the gross NPL ratio improving to 1.39% YoY with coverage ratio at 69%.Credit costs were down at 153bps YoY. BAF remains well-positioned to deliver sustainable profitable growth going...