We see no deterioration in RoA for the current year despite higher provisions and expectprofitabilitytoimprovetolifetimehighinFY22.KMBhasunderperformedin recentmonthsanditsvaluationpremiumtoHDFCBhasdissipated.Expectvaluationto reratefromcurrent3xFY22P/ABVisresponsetolikelycontinuationofnonlinear earningsgrowth.UpgraderatingtoBUYand12mPTtoRs1,670. A nearly 20% PPOP beat supported by 10% NII outperformance. Substantial...