KMB reported 2QFY20 standalone PAT of INR17.2b (+51% YoY, 12% beat), PBT was in line with 21% YoY growth. PAT stood at INR24.1b (+38% 23 October 2019 YoY). For 1HFY20, standalone PPoP/PAT was up 19%/42% YoY to INR49.1b/INR30.8b. NII grew 25% YoY to INR33.5b (in-line), led by healthy margins of 4.6% (+12bp QoQ). Other income growth moderated to 1.6% YoY (at INR12.2b). Loan book grew 15% YoY to INR2.