Net earnings beat estimates by 2.8% (up by 21.8% y-o-y and 4.8% q-o-q) to Rs. 4,765 crore driven by healthy AUM growth, lower opex and credit cost that was below estimates. NII was almost in line with estimates, growing by 22.3%/4.3% (y-o-y/q-o-q) to Rs. 10,227 crore.