CAFL’s 1Q performance played out well with strong AUM growth (36% YoY), NIM improvement (180/30bps YoY/QoQ) and lower C-I ratio (49%; - 220bps QoQ). However with higher provisions (towards LAP/Home Loans Rs 117mn and std. asset provisions Rs 66mn), earnings growth was restricted at 48% YoY. Shift to 120DPD, led to G/NNPA inch up to 1.2/0.6%, however with no impact on earnings. HDFC Securities Maintain BUY with a revised TP of Rs 749 (3.3x June-18E ABV of Rs 227).