(credit cost of INR3.6b v/s our est. While the GNPL ratio improved by 20bp/180bp QoQ/YoY to 7.2%, it was on account of a write-off of INR3.4b. The value of assets financed declined 8-10% QoQ/YoY to INR97b. The decline was driven across segments, barring pre-owned vehicles. basis, the mix remained largely unchanged, with car/UV and tractor financing comprising 46%/16% of total AUM. Spreads declined 40bp YoY to 7.1% driven by 40bp increase in cost of funds to 8.6%. Cost to income ratio was up ~360bp YoY to 39%. MMFS securitized INR25b in the quarter - the share of securitized assets increased from 9% to 12% of total borrowings QoQ.