MMFS reported a 3QFY22 PAT of INR8.95b (64% beat), driven by net provision write-backs of INR1.5b (v/s our credit cost estimate of INR2.8b). Operating profit rose 5% QoQ/6% YoY to INR10.6b (in-line) due to lower interest expenses driven by a sharp decline in the cost of borrowings. This was slightly negated by an increase in OPEX (INR5.3b, up 8% QoQ and 26% YoY) due to higher activity levels and collection costs in 3QFY22. Business assets stood flat QoQ, but fell 4% YoY, to INR636.4b. Disbursements rose 24% QoQ and 28% YoY to INR80.3b...