View: Surprisingly, disbursals across the branches we visited were resilient. We believe low regional disbursals at CIFC will be balanced by robust performance in other geographies, especially eastern India. Asset quality was stable, in line with expectations. Our constructive stance on CIFC (TP Rs 1,625, 3.25x Dec-20 ABV of Rs 500) and MMFS (TP Rs 500, 2.75x Dec-20 ABV of 175 + Rs 18 for MIBL) remains unchanged. In the light of recent developments in the NBFC space, we visited branches of NBFCs/HFCs in the outskirts of Pune to ascertain the (anecdotal) impact on key metrics.