Maintain BUY with TP of Rs 2,527 (2.5x Mar-20E ABV of Rs 1,011) SCUFs 4Q results were bogged down by the shift to 90DPD. Higher provisions (2x sequentially) led to a significant miss on net earnings (~Rs 470mn vs. an estimate of ~Rs 1.6bn). Opex also jumped (~15% YoY) primarily driven by higher staff costs (32% YoY) as SCUF built up higher bench strength. Additionally, the dip in NIMs (~230bps QoQ to 12.1%) was owing to yield pressure (-240bps to ~18.6%). High PCR (~62) despite the shift to 90DPD was heartening.