However, over the past two to three years, delinquencies have increased in the corporate book due to underlying stress in the Real Estate segment as well as the proactive recognition of some stressed accounts as NPLs. When the company reports windfall gains (from stake sales in subsidiaries), it uses 30% of these gains as incremental provisions. The company follows the policy of allotting one- third of gains as provisions, which has led to net additions of ~INR157b to the Strong internal accruals of INR155b post the dividend payout are in line with our We believe rating agencies comfort level on adequate leverage based on the product mix is likely to reduce across products in this cycle, especially considering the challenges witnessed in the NBFC space over the last two years and the credit events in large entities in the past.