Q4FY20 reported sequential earnings dip (Rs3.9bn down 1% QoQ although in-line at Rs4.0bn) led by COVID related Rs 150mn standalone and Rs550mn microfinance provisioning. Buoyed by digital gold (48% of gold AUM as at Q4FY20, 50%+ Apr'20) and 27% YoY non-gold AUM growth, overall AUMs at Rs252bn (in-line) grew healthy 29.8%YoY/4.7%QoQ. Liquidity sufficiency (Standalone cash/undrawn bank lines of Rs23bn, Rs30bn Asirvad) and cost rationalization (opex growth mere 2% QoQ, C/I down to 36% from 48% a year...