Federal Bank’s 3QFY3/21 PPoP grew 30% yoy driven by strong NII and fee growth of 24.4%/22.8% yoy respectively. C/I (ex-trading gains) stood at 52%. The end-3QFY21 restructured book stood at Rs10.67bn (0.85% of advances). Overall collection efficiency remained constant qoq at 95% in 3Q. We raise our FY21F/22F/23F EPS by 5.9/10.6/5.4% to reflect better revenue progression and margin. We raise our TP to Rs90; reiterate Add.