lending, BAF financed 44% of Bajaj Auto's 2W sales, as against its runrate average of 35%, as competitive intensity weakened. For FY19, fee income more than doubled YoY to INR16.8b, while PAT grew 60% YoY to INR40b. RoE for the year increased 260bp to 22.9% Margins (calc.) were sequentially stable at 12%, with cost of funds relatively low at 8.3%. The borrowing mix remained largely stable QoQ, with the share of bank/market borrowings at 37%/50% respectively. With operational efficiency, with opex/AUM declining 30bp YoY to 4.2%. Asset quality remained stable, with a GNPL ratio of 1.54% and a PCR of...