SCUFs performance was on track with healthy disbursements (ex-gold 17%) and AUM growth (~18%, 11-quarter high), which was evenly spread across segments except autos (-13% YoY). Led by a decline in CoF (change in borrowing mix) and better portfolio mix, NIM jumped ~45bps QoQ to ~14%. NII ( 14% YoY) was also in line with estimates. However, with controlled opex (9%) and stable provisions, PAT ( 22%) was ~13% ahead of estimates.