During Q4FY25, the Net Interest Income stood at INR 27,559 Mn., down 3.6% YoY (-2.1% QoQ), below our estimates by 3.7% driven by higher slippages, and lower interest income led by increasing share of secured loans (now stands at ~50% of the book). Core NIMs stood at 6.7%, contracting by 90 bps YoY (-20 bps QoQ).