Robust individual disbursement at 26% YoY, margin expansion of 20-30 bps and collection efficiency at 97.6% (near pre Covid level) remain key characteristics of revival in individual business that comprises ~72% of book. Subdued collection and stress accretion in non-individual book is offset by provision buffer at ~2.6% of advances. Business growth led by adequate capital and healthy earnings visibility on the back of funding advantage and provision buffer keeps us positive on the fundamental strength. We expect earnings to grow at 14% CAGR in FY21-23E with...