CIFC reported net earnings of Rs. 963 crore, 3.5% (up 26.3%/2.2%, y-o-y/q-o-q) below estimates due to higher credit cost. Core PBT grew by 27.5% y-o-y/3.5% q-o-q, driven by AUM/NII growth. NIM, at 6.59% up 10 bps y-o-y, was in line with estimates.