4QFY19 PAT almost doubled YoY to INR5.5b, 7% below our estimate. Adjusting for this, PAT would have beaten our estimate by 2%. The focused loan book grew 5% QoQ/ 17% YoY to INR983b driven by strong 2 May 2019 growth in rural and housing finance. strongest growth came from microfinance, 2W finance and real estate finance, while the company scaled back a bit in tractor finance. Excluding impact of the interest reversal, calculated margins (incl. fee income) were stable QoQ at 6.4%. Operating expenses grew 25% YoY to INR6.5b. However, excluding net loss on fair value changes, operating expenses were up only 3% YoY, which is impressive considering investments in the retail franchise. provision buffer currently stands at INR3.5b (INR2.8b in 3QFY19). Note that the IL&FS; exposure is classified as standard.