29 January 2019 Bajaj Finance (BAF) reported 3QFY19 54% YoY, despite tough liquidity situation and higher-than- expected credit cost of INR4.5b (of which INR2.85b was a write-off). smartly by 40%/37% on a YoY basis. The share of Bajaj 2Ws financed by BAF increased from a run-rate of 35% to 52% in 3Q. As opex (+31% YoY) grew slower than total income (+46% YoY), C/I ratio declined 400bp YoY to 35%. Also, operating profit grew by 56% YoY to INR20.9b. Asset quality inched up marginally to 1.55% GNPA (+5bp QOQ). Given that BAF did a write-off of INR2.85b, PCR declined 400bp QoQ to 60%. basis, raised INR193b/INR63b of funds from the money markets/banks during the quarter. As a result, reported cost of funds remained largely similar at 8.