Poonawalla Fincorp (PFL) continued to deliver on its stated strategy with RoA sustaining at 4.8% driven by strong AUM growth at ~10% QoQ. Notably, despite the strong growth momentum, total operating expenses continued to decline (down 11% QoQ in Q1FY24) resulting in cost-income ratio falling to 38% in Q1FY24 from 58% in Q1FY23.