our FY21 still factors sufficient conservatism in the nature of (a) incremental mere 2% AUM growth (but 16% YoY) in Q4FY21 with normalization coming through post festive demand, (b) 4.6% NPA (c) modest margins at (6.6%). CIFC's continued focus on right product positioning and broad-level strategy on creating financing ecosystem make it a constructive long term bet. 2.7% RoA and 17%+ RoE by FY22 only corroborates our confidence in the business model and hence we reiterate BUY recommendation on the stock with...