We expect M&M; financial services to be a beneficiary of the gradual recovery in the auto sector to be witnessed in the 2nd half of this year, which would translate into better festive sales compared to a tepid performance last year. This would be driven by a normal expected monsoon and completion of election overhang leading to improved sentiment, especially in the rural areas. Implementation of BS 6 norms in April 2020 would also play a role on account of pre-buying .The Government's increased rural spending and infra push would also further accelerate the rural economy. The management has guided for a loan growth of ~15% and the CV segment would continue to show high levels of growth owing to a low base. Increasing focus on the used vehicle business would lead to higher yields going ahead. Better recoveries and operating leverage would result in improving NIMs, making us believe that ROA target of 3% as indicated by the management...