HDFC's PAT declined by 28%YoY; however adjusted for dividend, sale of investments, net gains on assigned loans, provisioning and higher liquidity impact, PBT grew by 27% YoY. Asset quality remains stable with stage 3 assets stood at 2.2% vs 2.2% QoQ. Collection efficiency for individual loans for September month stood at 96.3% while for nonmoratorium customers stood at 99.5% is a key positive. Individual loan segment growth slowed down to 9% vs 11%, also non-individual loan growth slowed down to 13% vs 15%. HDFC has conservative approach towards higher provisioning as a gain from subsidiary investments is utilized for contingent provisions. Provisions stood at Rs.123.04bn higher than regulatory requirement (Rs.56.21bn). It should support asset quality shocks in P&L.; We...