Core PPoP rose 5% YoY to INR29b in 2QFY20. However, led by higher dividend income from subsidiaries and associates (INR10.8b v/s INR58m in 2QFY19) and a low tax rate (13%), PAT grew 60% YoY to INR39.6b. Excluding the lumpy stake sale and dividend income, our calculations suggest core PBT was flat YoY in 2Q and up ~6% YoY in 1HFY20. AUM was up 3% QoQ/13% YoY at INR4.9t and continued to be driven by individual loans (+4%QoQ/17% YoY to INR3.7t). On the other hand, corporate segment AUM was flat QoQ (+4% YoY) with management...