Bajaj Finance Ltd (BFL) reported mixed Q1FY20 numbers, with tepid business growth, but a q-o-q improvement in asset quality and a decline in the moratorium to 15.7% of AUM from 27%, which is a positive. Assets under management (AUM) stood at Rs. 138,055 crore, down 6% q-o-q due to steps like more stringent loan-to-value ratios (LTVs), tightened credit filters, etc. which indicated a cautious outlook on growth by the management. However, growth guidance was moderated by 10-12% and a higher credit cost guidance of 100-110 bps (against ~80-100 BPS earlier) for FY21 were key notables. Net Interest Income (NII, calculated) stood at Rs 4150 crore, up by 12.5% y-o-y but was down by 11.3% on q-o-q...