We upgrade our rating to Buy with a revised downward target price of Rs 767 based on 2.5x FY23E Adj. BVPS. Strong disbursement aided growth in Gross Loan Portfolio In Q4FY21, total disbursement grew by 42% YoY and 3% QoQ to Rs 4,726cr and resultantly Gross Loan Portfolio (GLP) grew by 13% YoY and 10% QoQ. GLP of standalone entity grew by 15% YoY to Rs 11,341cr while MMFL grew by 7% to Rs 2,246cr. However, number of borrowers saw a reduction of 3.5% YoY to 39.12 lakh. During the quarter, interest income grew 19.2% QoQ while finance...