Maintain BUY with a TP of Rs 1,544 (2.0xSept-20 ABV of Rs 772) SHTFs stellar show continued into 2Q. AUM growth of ~21% was healthy and broad based. NIMs rose led by combination of rising yields and a drop in the CoF. Opex growth (26%) was controlled despite the capacity expansion (+266 branches and 3951 employees over the last 1-yr). Flattish Gross Stage III and a ~1% sequential drop in Net Stage III are indicative of stable asset quality. SHTF proactively provided Rs 600mn towards the Kerala floods.