7 November 2019 2QFY20 PAT/PBT grew 0.8%/14% YoY to INR3.1b/INR5.2b (in-line). Company also incurred a one-time tax impact of INR800m on DTA revision under the new tax rate regime. Disbursements grew 7% YoY to INR73.8b (v/s est. 22%), largely driven by muted growth in vehicle finance (5% YoY). In 1HFY20, disbursements grew 14% YoY to INR160b. assigned loans in the vehicle finance book after several quarters (INR8.3b). Core spreads declined 20bp YoY to 6.1% due to 50bp increase in cost of funds to 8.5%. Share of bank funding increased to 53% v/s 47% in the last quarter.