Q1FY22 earnings stood higher than estimates as lower operating costs (down 28%QoQ due to lower variable pays) offset increased provisions (10%QoQ spike; credit costs: 3.2%). Asset quality deterioration stood stark as Stage 3 at 6.8% (PLe: 4.2%) spiked 283bps QoQ/345bpsYoY due to second wave challenges and delayed SARFEASI resolutions impacting LAP book (Stage 3: 8%). While Stage 2 at 14% also remained elevated, greater share of these...