PAT of INR8.0b was 3% below our estimates. The marginal miss was on account of slightly higher credit costs and taxes. Disbursements were steady at 4QFY19 levels of ~INR75b. During the quarter, the company focused on reducing its commercial real estate (CRE) exposure due to the impending LVB merger. It got INR60b of CRE loans refinanced. As a result, overall AUM declined 6% QoQ/ 10% YoY to INR1.13t. Management targets to step up disbursements to INR100b, 2QFY20 onwards. Spreads declined ~20bp YoY to 3.12%, largely due to 100bp rise in cost of...