28 January 2019 a 10% beat largely driven by provision write-back of INR161m. On a PPoP basis, there was a 12% miss on our estimates, mainly due to the slowdown on account of tight liquidity. Disbursements declined 29% QoQ/YoY to INR45b. Excluding gold finance, disbursements were down 31% YoY. AUM grew 10% YoY to INR288b. Spreads on AUM declined ~100bp QoQ to 9.9%, as yield on AUM contracted 70bp QoQ and cost of funds increased 50bp QoQ. Funding mix remained largely similar, with retail/institutional contributing 16%/84%. While availability of money improved in the past two months, cost of money remained elevated. Opex declined 7% YoY due to lower employee and other expenses. C/I ratio expanded 120bp QoQ to 40% as opex declined than total income. There was a provision write-back of INR161m. However, write-offs remained at levels similar to 2QFY19 at INR1.