Q3FY22 earnings stood lower than our estimates, largely due to elevated provisions (grew ~4x QoQ; credit costs:1.4%). Asset quality improvement stood marginal as Stage 3 at 5.9% (PLe: 7.0%) down mere 31bps QoQ as Stage 2 at 10.4% vs 12.7% in Q2FY22 (restructured book at ~6%) still stands elevated. Opex grew 44.2% YoY and is expected to remain elevated as CIFC...