HDFC's core PBT grew 21% YoY to INR33.5b (5% beat), driven by a similar beat on NII and higher assignment income recognized during the quarter (almost 2x of estimate). Provisions at INR5.9b were much higher than our est. of INR4b. Individual disbursements grew 26% YoY for 3Q, and individual AUM grew 4% QoQ /10% YoY. Led by overall buoyancy in the RE sector, the growth outlook for the Individual segment remains healthy. Adjusted for the Supreme Court (SC) dispensation, GNPL deteriorated by 8bp to 1.91%. In addition, 90bp of AUM has been restructured, of which...