Maintain BUY. Our TP is Rs 1,427 (3.75x Sept-19 ABV). CIFCs 2Q results reiterate our stand on management quality and superior operating metrics. Growth revived (disbursements +24% YoY), propelling core earnings to a new watermark while the efforts to improve asset quality paid off (GNPAs dipped ~270bps to 4.46%). Though NII jumped 26% YoY, core earnings growth was arrested by a spike in personnel (+19% YoY) and origination (+37%) expenses.