Management approach to grow assets conservatvely but good quality assets has worked well for them. Despite NBFC crisis which has been one of the toughest, asset quality of company has held up well. In nutshell, business model has become more resilient and less volatle and less dependent on uncertain securites business. It is present across all high-growth and important business lines where the size of opportunity is big. More importantly, management bandwidth is strong. Although, recently, Q3FY19 performance has been marred by higher borrowing cost, we are optmistc that growth will resume in FY20 and higher borrowings rate concerns would also wane oﬀ. We value the business based on SOTP valuatons, arriving at target price of Rs. 135, giving upside of 50% from the current levels.