Operating profit rose 36% QoQ to INR10.2b (10% beat) due to higher interest income from the write-back of NPA upgrades. This impact on PPOP was slightly negated by an increase in OPEX (INR4.9b, up 17% QoQ and 24% YoY) due to higher activity levels and collection costs in 2QFY22. Business assets stood flat QoQ, but fell 6% YoY, to INR636b. Disbursements rose 67% QoQ and 61% YoY to INR64.8b Given its long lineage and strong parentage, MMFS is well-equipped to deal with the stressed pool of loans and achieve upgrades via collections...