Outlook & Valuation: We expect STFC's AUM to grow at CAGR of 16% over FY2019-21E primarily owing to (1) post election government to increase spending on infra project (macro recovery), and (2) pre-buying of CV before the BS VI will also improve the pricing of older vehicles. We expect STFC to report RoA/RoE to 2.7%/17.6%