Maintain BUY with a TP of Rs 1,520 (3.75x Dec-19 ABV of Rs 405) CIFCs 3Q numbers show an improvement on all fronts. Acceleration in disbursements (+55/23% YoY/QoQ) led to a core earnings jump of 30/7% YoY/QoQ. Frugal cost increase (+5% QoQ) despite aggressive branch expansion (added 133 branches in 3Q) and controlled provisioning caused an earnings beat of ~9%. Effort on collections was clearly visible as asset quality starkly improved (GNPAs dipped 76bps QoQ) for successive quarters.