interest costs (up 5%QoQ albeit decline in CoF), one-off employee costs (Rs1.2bn) and elevated provisioning (143bps credit costs). While second wave restricted loan book expansion (0.2%QoQ), we reckon trajectory should only remain tepid for FY22 in light of surmounting asset quality challenges. Against this backdrop, we tweak our NPA estimates to 6%/4% (earlier 5%/3.5%) but maintain growth estimates at 11%/15% over FY22-23. Consequently, our EPS estimates stand down by 16%/3% over FY22/23. Shrinkage in return profile, erratic asset quality behavior and tepid growth...