29 January 2020 BAFs PAT increased 52% YoY to INR16.1b (in-line) in 3QFY20. Better-than- expected margin performance led to PPoP (+44% YoY) beat of 5%. Higher- than-expected provisions led to in-line PAT (+52% YoY). (c) GS3 % was flat QoQ at ~1.6%, but write-offs were elevated at INR5.3b. (d) Overall customer base increased 24% YoY to 40.4m. We estimate ~30% PAT CAGR on the back of ~25% AUM CAGR over FY20- 22. We largely maintain our earnings estimates and expect BAF to deliver healthy RoA/RoE of ~4.3%/22%. AUM growth in consumer durables finance slowed down to 7% YoY, mirroring the consumption slowdown.