BFL continues to maintain one of the best asset quality among the peer group. Despite migration to 90-dpd (days past due) non-performing assets (NPA) recognition, asset quality remained largely stable sequentially. Gross/Net NPA ratios increased by 2/2 bps QoQ to 1.7%/0.5%. Provision coverage ratio (PCR) also improved by 100 bps to 70.0%. Going forward, we expect asset quality to remain stable and project Gross/Net NPA to stand at 1.8%/0.4% by FY19E. Recent capital infusion to support robust growth momentum BFL raised Rs4,500cr of equity capital through QIP route in Q2FY18 which helped it to boost capital adequacy ratio (CAR) by 527 bps QoQ to 25.4% with Tier I ratio of 19.9% (566 bps QoQ)....