LICHF reported a PAT of INR7.67b (~60% beat) in 3QFY22, up ~6% YoY, driven by an all-round beat on NII (up 25% QoQ and 14% YoY; 12% beat), opex (down 21% QoQ; 3% lower than our estimate), and lower credit costs, which declined by 44% QoQ to INR3.56b (est. INR5b). There was a one-off impact of INR1.35b on interest income in 2QFY22 due to the EIR/IRR impact on the restructured loan pool. Adjusted for this, NII was up 12% QoQ. NIM improved by ~42bp QoQ to ~2.42% in 3QFY22, while core spreads declined to 1.83% in 9M (from 1.96% in 1HFY22)....