In a seasonally weak quarter, CA Grameen reported strong earnings beat – PAT was up 17% QoQ at INR 3.4bn (I-Sec: INR 3bn), supported by strong topline growth of 9% QoQ and credit cost moderating to normalised level of 40bps (non-annualised). The beat poses an upside risk to FY24 guidance, especially on NIM (guidance at 12-12.2% vs 13% in Q1FY24) and cost-to-income ratio (guidance at 35-36% vs 31% in Q1FY24).