In Q2FY20, CIFC reported weak momentum in disbursement growth for the Vehicle Finance business, which grew ~3.3% yoy to Rs57.9bn, but was down 16.5% qoq. Home Equity disbursements grew ~16.9% yoy to Rs10.6bn (down 3.4% qoq). Although growth is in sync with overall auto industry trends (LCV, MHCV), it has been relatively disappointing compared with Street expectations. Despite weak disbursements, AUM grew ~24.1% yoy and ~3.1% qoq to Rs592.9bn, backed by lower repayments and probable stretch in loan tenures. However, the trend of weak disbursements should gradually be reflected in AUM growth as well....