The Management focuses on increasing loan book in low-ticket retail, SME & AIB segments and augmenting its footprint both on physical and digital front. Though this aggressive strategy of expanding footprints will marginally impact its return ratios in the near-term, it would bring forth substantial positive benefits in the long-term. Further, Management focuses on increasing efficiency of existing network to improve cost to income ratio in the long-term, which will lead to sustained earnings growth. We expect healthy traction in earnings on the back of robust loan growth, moderate credit cost and stable margins. Rolling over our valuation to FY19E, we reiterate our BUY recommendation on the stock with a revised Target Price of Rs207...