HDFC's core PBT grew 19% YoY to INR33.4b (estimate of INR34.2b) of). NII (ex-assignment income) at INR40.3b was 4% above our estimate. On the other hand, provisions at INR7.2b were much higher than our est. of INR3.8b. Better-than-expected MTM gains on investment led to a 12% beat on reported PAT (+9 QoQ /42% YoY). For FY21, core PBT / core operating profit grew a healthy 15%/17% YoY to INR126b/INR146b, despite an additional ESOP charge of INR3.4b. Strong disbursement growth (on a low base) of 60% YoY, stable QoQ...