Dewan Housing Finance's (DEWH) 1QFY17 PAT grew 16.2% YoY to INR2b (inline). Reduction in cost to income ratio by 190bp YoY to 28.1% - a 33 quarter low. AUM and disbursements growth remains healthy at +20/26% YoY. Reduction in cost of funds coupled with shift in the portfolio towards high yielding segment helped DEWH to maintain margins at 2.9% despite high competitive intensity in core home loan segment. Cost of funds declined 40bp+ YoY to ~9.5% Asset quality remained broadly stable, with GNPLs of 98bp v/s 93bp in 1QFY16. Coverage ratio remains healthy at ~100%....