The severity of the COVID second wave impact on earnings has been much lower v/s the first wave. The management is well-prepared to deal with this and compensate for lost business with the start of the unlocking process. Digital initiatives have been upfronted and are likely to provide significant benefit on the cost and growth fronts. The cross-selling of products to the existing Credit segment customer base of ~39m would be a key growth driver in FY22 as well. BAF’s return ratios have not only been consistent but are also the highest in the Coverage Universe (after that of gold financiers).