Piramal Enterprises (PIEL) reported 1QFY20 PAT of INR4.5b (core PBT up 20% YoY). The quarter was characterized by a moderation in loan growth (flat QoQ and 20% YoY v/s 30%+ earlier), an improvement in asset quality (GNPA flat QoQ; stage 2 loans down to 0.5% from 1.5% in 4Q) and an expansion in the Pharma EBITDA margin to 22% (+200bp YoY). Financial Services: Loan book was stable QoQ at INR566b. Retail housing book grew 18% QoQ to INR61b and accounts for 11% of total loan book (v/s 9% QoQ). Real estate/corp. fin loan book declined 1%/4% QoQ....