Notwithstanding adverse macro condition, IndusInd Bank showed greater resilience on asset quality front with its gross and net NPA remaining within the management's comfort zone. After successfully achieving the envisaged target for Planning Cycle-III (FY15-17), the Bank has given similar guidance for Planning Cycle-IV (FY18-20) as well. We expect that the Bank is likely to sustain strong growth in CASA deposits and fee-based income as its total branch count is expected to reach 2,000 by FY20-end. We reiterate our BUY recommendation on the stock...