Q4FY25 numbers were decent with slight beat on earnings led by NIM expansion. NII at Rs. 32,066 crore (up 10% y-o-y/5% q-o-q) above estimates, led by higher NIMs. NIMs improved by 11 bps q-o-q to 3.54%, however excluding the impact of an ITR refund, core margins rose by 3 bps q-o-q.