Strong growth and asset quality improvement in a seasonally weak quarter MMFS recorded a strong performance in a seasonally weak quarter with PAT of INR 2.7bn (up 34% YoY) on IndAS basis. Comparable IGAAP PAT for 1QFY19 is INR 1.9bn vs. INR0.5bn in 1QFY18, a 4x YoY growth. Moreover, migration to IndAS had a positive 2% impact on BV. Other key highlights are: i) acceleration in disbursement growth (35% YoY) driven by CV/CE, pre-owned vehicles and SME segments; this led to AUM growth improving to 21% YoY from 16% last year. ii) GNPA ratio was stable at 9.4% in 1QFY19 with the lowest sequential increase in absolute GNPAs during the first quarter. Given the improved outlook for rural...