While early greenshoots were visible closer to Q4FY21, the second wave impact led to U-turn with NBFCs expected to take huge brunt. We reckon this impact to stand pronounced than the first wave especially when it comes to asset quality. Collection efficiencies across business segments took a toll in the months of May-Jun'21 (CE <60%), due to stringent lockdowns followed by disruption in business activities. With regulatory dispensations behind (morat, restructuring), we will closely monitor credit profiles of micro financiers, small ticket MSME and vehicle financiers. We also note good...