Bajaj Finance's AUM is expected to grow at 21% CAGR to | 210734 crore in FY21-23E. Improvement in NII and moderation in provisions (management guidance of 160-180 bps in FY22E) are seen keeping PAT growth at 36% CAGR in FY21-23E to | 7644 crore. RoE is seen returning to ~15% and RoA at 2.2% in FY22E. As per the management, post March, April 2021 when normalcy is likely to be achieved: 1) growth is expected to accelerate to 2527% (we factor in 20% growth in FY22E) and 2) credit costs for FY22E to be lower at 160-180 bps of average loans (we factor in 210 bps). Improved awareness and product innovation are seen keeping individual...