3 February 2020 SHTF reported 38% YoY growth in PAT to INR8.8b (27% beat). 5bp/30bp QoQ/YoY to 7.14% at 5% YoY (AUM of INR1.08t), impacted by a 14% YoY drop in new CV financing. Share of other loans remained stable at ~5.4%. We upgrade our EPS estimates by 8-9% on the back of lower credit costs. Overall, we expect PAT CAGR of ~10% over FY20-22 and RoA/RoE of ~2.7%/16%. Maintain Disbursements increased 19% YoY to INR114b off the low base of 3QFY19. AUM growth was modest at 1% QoQ/5% YoY to INR1.09t. Rural AUM grew 3% QoQ/17% YoY to INR435b. Share of rural in overall AUM increased to 40% from 36% a year ago and 39% a quarter ago.