An increase in disbursements, collections and adoption of prudent liquidity practices are factors that are likely to protect the company from uncertainties in the long run. This along with improved capital ratios will underpin growth. We therefore upgrade our rating to BUY with a rolled forward target price of Rs. 89 based on 0.9x FY24E BVPS. Improvement in margins will lead to long-term growth In Q3FY22, company's net interest income was Rs. 1,468cr; NIM + Fee margin increased by 71bps YoY, to reach 8.1% in Q3FY22, an increase from 7.6% in previous quarter,...