The Company witnessed healthy growth in disbursements in 1QFY17 on account of improvement in new CV demand. AUM for New & Pre-owned CV segment grew by 71.6% yoy (6.2% qoq) & 19.6% yoy (2.5% qoq) to Rs80.4bn & Rs667bn, respectively. Its gross NPA ratio rose marginally to 6.4% in 1QFY17 from 6.2% in 4QFY16 led by higher slippages from Equipment Finance book. As improved outlook on monsoon and uptick in execution of infrastructure projects augur well for the Company, we upgrade our recommendation on the...