Maintain BUY with TP of Rs 2,254 (2.25x Mar-20E ABV of Rs 1,102). As expected, SCUF delivered a steady set of numbers with sustained business momentum (AUM up ~21% YoY), a bounce back in NIMs (13.2%, +110bps QoQ) and a dip in provisions (-48% QoQ). Further, SCUF persisted with a higher PCR (~62%), an added positive.