KMB reported an in line operating performance, though lower provisions v/s our estimate led to standalone PAT growth of 32% YoY (5% beat). Consolidated PAT declined by 3% YoY on account of weaker performance from subsidiaries, mainly Kotak Life and Kotak Prime. Loan book fell ~3% QoQ (up 6.6% YoY) to ~INR2.2t, led by a decline across most segments. On the liability front, CASA growth remains steady, driving CASA mix to 60.2% (highest in the industry). On the asset quality front, slippages stood elevated at INR15b (annualized...