Liquidity pressure continues to weigh on growth SHTF reported 4QFY19 PAT of INR7.5b (19% beat), largely by lower credit costs and tax rate. PPoP grew 3% YoY (5% miss) due to a contraction in margins by 40bp YoY and moderate AUM growth of 9% YoY. Liquidity pressure continues to weigh on loan growth. Used vehicle loans grew 1% QoQ (+8% YoY) to INR871b. However, over the past few quarters, the new vehicle loan book has been declining from INR127b in 1HFY19 to INR116b in FY19, a decline of 9%. We expect loan growth to pick up only in 2HFY20....