MMFS recorded a strong performance with PAT of INR 3.8bn (up 133% YoY) on IndAS basis. Comparable IGAAP PAT for 2QFY19 is INR 3.9bn vs. INR0.8bn in 2QFY18, a 5x YoY growth. Other key highlights are: i) acceleration in disbursement growth (44% YoY); this led to AUM growth improving to 26% YoY from 8% last year. ii) GNPA ratio reduced 410bps YoY to 9% while coverage ratio stable YoY at 35%. iii) Management is confident of achieving 3% RoA driven by improvement in credit cost and operational efficiency. In the current situation, we believe strong promoter backed NBFCs will get disproportionate share of funding going forward. Moreover, competition from new, small and PE backed NBFCs will come down...