Maintain BUY with a TP of Rs 1,764 (4x Mar-20 ABV of Rs 441). Maintain BUY with a TP of Rs 1,764 (4x Mar-20 ABV of Rs 441). CIFCs business momentum sustained through 1Q even though reporting changes (under IND AS) created some ambiguity. Disbursement growth (+45% YoY) continued to dazzle, with VF leading the way. Though a higher share of lower-yielding HCV business (18% of VF disbursements vs. 11% YoY) dented margins partially, the 47bps dip could largely be attributed to the IND AS shift.