In the HFC segment, loan book grew 23% YoY to INR23.7b. yields (on AUM) stand at 19.3% (+20bp QoQ) while spreads are at 9.7% In 1QFY21, SCUF raised ~INR5.5b from term loans (INR3.5b from SIDBI at 6.2% with the balance from banks at 9%) and ~INR5.1b from retail deposits. Since the IL&FS; crisis, the company has faced issues on the liability front, which has led to muted disbursements and loan book growth. In MSME financing, it was 70% Expect incremental credit cost of 90-100bp due to COVID-19. Some branches are open only for part of the In Gold loans, business has improved in urban areas compared to pre-COVID levels. Tightness in liquidity has also led to muted disbursements and loan book growth. While disbursements would pick up gradually, the high book churn will keep total AUM Asset quality has been improving over the past few quarters.