Cost of funds has stabilized at 9.79.8% During the quarter, SCUF raised INR36.4b, INR11b of which was from NCDs. The GNPL ratio improved ~60bp/100bp QoQ/YoY to 7.9%. This was driven by a 5080bp improvement in 2W and MSME lending Liquidity stood at ~INR21b in March and was at similar levels in May. In FY20, SCUF delivered 3.3%/15% RoA/RoE. Since the IL&FS; crisis, the company has faced issues on the liability front, which has led to muted disbursements and loan book growth. Given the current crisis, we expect the tough situation to continue we model 40% YoY decline in disbursements. Total AUM has been range-bound at ~INR300b for the past seven to Given the current crisis, we expect the tough situation to continue While asset quality has been improving over the past few quarters, the outlook remains uncertain given the vulnerable nature of its customers.