CIFC reported a 4QFY21 PAT of INR2.4b, 55% miss on higher-than-expected employee expenses and credit costs. The PAT miss belies the healthy onthe-ground operating performance. Disbursements/AUM grew 43%/16% YoY, while asset quality was stable. In FY21, CIFC delivered NII/PPOP/PAT growth of 32-44% YoY. It also increased its total provision buffer by 90bp to 3.6% in FY21. Growth momentum picks up across the board...