Strong quarter; early signs of concern. Maintain Accumulate Bajaj Finance posted another strong quarter, with PAT growing at 43% YoY on an AUM growth of 41%, (38% YoY excluding IPO financing). The negatives were a 6 bps increase in GNPA and caution on 2W/3W and digital products. The two account for 11% of the book. Except the mortgage portfolio, all portfolios witnessed a deterioration in asset quality. The GNPA rose 61% YoY, faster than the book growth. We have reduced our earnings by 3%/2% in FY20 and FY21 respectively to factor higher credit costs. We maintain our rating and multiple,...