SCUF posted 3QFY21 PAT of INR2.8b (-6% YoY; 45% beat). While NII stood at INR8.8b (in line), lower-than-expected credit costs (INR1.8b v/s our estimate of INR3b) led to the beat. Total 3QFY21 credit costs include INR5.9b worth of COVID-19 provisions. The quarter was characterized by a healthy pickup in disbursements and strong performance on asset quality....