CIFC's gross stage 3 assets increased by 77bps QoQ to 3.75% (adjusted for Supreme Court direction) and it was better than estimate. Also, restructured assets stood at 2% of loan book; lower than guided in the range of 3-5% is the key positive. Further, Covid19 related provisions (Rs.7.5bn as of dec'20) are more than sufficient on the balance sheet and management guided reversal of the same (excluding Rs.3bn for macro). NIMs improved surprisingly by 50bps QoQ led by change in product mix and lower cost of funds. AUM growth remain strong at 13% YoY (13% Q2FY21) led by growth in disbursements (up 6% YoY). NII grew by 26% YoY led by improvement in NIMs; PPoP grew by 51% YoY. We revised the estimates of AUM growth at 13% vs 10% earlier for...