PPoP in line; lower credit costs drive PAT beat SCUF posted a 3QFY22 PAT of INR2.93b, up 5% YoY and 4% QoQ (12% beat). The beat on PAT was driven by lower credit costs, which were 9% below estimates (but up 8% QoQ/24% YoY) at INR2.2b. PPOP was largely in line at INR6.1b (up 8% YoY and 5% QoQ). 3QFY22 was characterized by a healthy ~23% YoY growth in disbursements with the company delivering record-high disbursements in 2W and personal loans. This led to AUM growing 13% YoY/6% QoQ to INR322.5b....