After a sluggish 3Q, the company stepped up its disbursements in 4QFY19 to INR73b. However, AUM declined 3% QoQ to INR1.2t due to high repayments. With sufficient balance sheet liquidity, IHFL is well set to revert to its normalized disbursement run-rate of INR100b per quarter in FY20. Management reiterated its target of 20% AUM growth, 10% balance sheet growth, and high-teens PAT growth in FY20. On a calculated basis, core margins (excluding assignment and investment...