Strong growth in net profit of Rs 693 crore (up 23% yoy ) to continue on the back of a 23% growth in disbursals and pre loan sales growth of 19%. Retail disbursals were up a robust 62% yoy and the buoyancy in this segment is expected to continue. The management has guided its intent to unlock value in the life insurance subsidiary in FY2011, however the new IRDA guidelines on ULIP are expected to affect the NBAP margins which could further have an impact on the valuations.