While market challenges proved as a dampener on disbursals (used de-grew 18% YoY) and core AUMs reported mere 12% YoY, SHTF maintained decent earnings performance with PAT growing 17% YoY at Rs 6.4bn (PLe: Rs 6.1bn). Beat on numbers were largely driven by NII putting up healthy 15% YoY growth translating into healthy 17%+ YoY growth in PPoP indicating core metrics remaining strong for SHTF. While NIMs at 7.4% were maintained, funding costs pressures have been rightly compensated by rebound in asset...