Maintain BUY with a TP of Rs 1,296 (3.75x Mar-19E ABV of Rs 346). CIFCs 1Q performance vindicates our stance of improving margins and efficiency, along with decline in provisions. In the Vehicle Finance (VF) business, the pre-tax RoA improved to 3.5% (25-qtr high), with steady disbursals/AUM growth, improvement in efficiency and lower provision cost.