Good to see QoQ PAT growth in a seasonally weak quarter. This is in line with many top of the line MFI cos this cycle. But the PAT growth could have been much better if not for high credit costs. Credit costs this Q are quite high, my estimate is around 3.5% annualized whereas most other MFI cos are reporting sub 1% credit costs. If not for this they would have been on track for a standout Q this time.
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