16 May 2020 MMFS 4QFY20 PAT of INR2.2b (down 62% YoY), a 40% miss. The miss in PAT was led by a contingency provision of INR5.7b (we factored in ~INR2.2b) related to COVID-19. Of INR5.7b, INR4.7b was used to increase PCR (800bps QoQ to 31%) for GNPA. Pre-provisioning profits grew 24% YoY (beat of 14%) to INR9.7b as opex (27% beat) declined 24% YoY to INR4.2b. Net income missed our estimate by 3% as loans stood largely flat QoQ (+6% YoY) at INR650b v/s the expectation of ~2% QoQ growth (on March- end COVID-19 restrictions). NIMs/GS3% came in flat QoQ at 7.7%/8.4%.