BAF's 4QFY22 earnings were in line, with a reported PAT of INR24.2b, led by healthy core AUM growth of 26% YoY and a pristine asset quality (GS3/NS3 stood at 1.6%/0.7% and credit cost moderated by ~150bp, despite having to provide INR1b on a large commercial account). Key things to watch out for in FY23 include: a) evolution of its Payments landscape and traction therein, b) velocity on the already launched app and the envisaged new web platform, c) potential foray into the Credit Cards business from its own Balance Sheet, d) TwoWheeler marketplace and diversification to other non-captive OEMs,...