NII grew 35% YoY (+11% QoQ) to INR3.9b (3% beat), while margins compressed further by 20bp QoQ to 5.1%. CI ratio stood at 60.0% in FY19 v/s 56.7% in the previous year. Other income grew 23% QoQ (-3% YoY) to INR1.3b, driven by an increase in core and distribution fees. Operating expenses increased 13% YoY (+9.6% QoQ) to INR3.0b, leading to a 232bp QoQ decline in the C/I ratio to 58.3%. AUM rose 51% YoY to INR242b, with strong disbursements growth in vehicle/MSME/NBFC books.