disbursements; yet management expects 15% AUM growth for FY19. Margins shrank ~300bp YoY to 14.1%, driven by a similar decline in yields. However, the decline was due to a high base (one-off income in 2QFY18). MUTH has recently increased yields to offset the rise in borrowing cost. Opex increased 18% YoY, largely driven by a 35% YoY increase in nonemployee expenses, largely due to advertising expenses. Asset quality improved on a sequential basis stage 3 loans declined ~100bp QoQ to 1.9%. This was against a sequential increase of 230bp in 2QFY18. As a result, credit costs declined sharply to INR25m from INR1.2b in...