Consolidated revenues for Q3FY25 stood at INR 320,418 Mn, up 10.3% YoY but down 4.9% QoQ, missing our estimates due to slower growth in insurance income. The company reported a consolidated profit of INR 22,310 Mn, marking a 3.4% YoY increase (+6.9% QoQ). The cost-to-income ratio improved to 69.6% from 71.6% in Q2FY25. Earnings missed our estimates by 3.4%, primarily due to lower-than-expected operating profits.