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Q2FY22 numbers were better than expected as GNPA/ NNPA reduced by /8 bps QoQ to 1.35 per cent and 0.40 per cent of advances. The management has indicated that there will be maximum impact of bps on asset quality from the restructure pool. Given the best in class asset quality and expected rebound in growth, the brokerage is positive on the bank given reasonable valuations at 3.2x FY23.