Maintain BUY. Our TP is Rs 1,767 (4x Mar-20E ABV). Stellar disbursal growth (+35% YoY) and a pullback in asset quality (GNPA at 2.49% vs. 4.66% in FY17) through FY18 compel us to reaffirm our faith in CIFC. Despite apprehensions on sustainability of growth, we believe CIFC is well poised given its expanding presence (added 336 branches over 2 yrs) and regulatory tailwinds in automobiles (BS-VI emission norms, overloading compliance and scrappage policy).