HDFC's profitability declined by 22% YoY due to higher provisions; Asset quality deterioration along with Covid-19 provisions (Rs.5.5bn) resulted increase in provision (up 220% YoY). Non-individual portfolio surprised negatively for asset quality deterioration; however 26% book under moratorium seems to be lower as compared to other NBFCs (also few banks). Individual loan segment slowed down to 14% vs 16% while non-individual growth remains stable at 6%. HDFC has conservative approach towards higher provisioning as gains from subsidiary investments utilized for contingent provisions. Provisions stood at Rs.109.9bn higher than regulatory requirement (Rs.68bn). It should support asset quality...