Visible sign of pick-up in demand for mortgage loan led by improving affordability, attractive incentive from PMAY scheme and introduction of RERA augur well for sustained growth in loan book for HDFC over next 3-5 years. Looking ahead, we expect further improvement in HDFC's operating performance on the back of healthy growth in loan book and NII. Further, the performance of its various financial business subsidiaries/associates has improved substantially over the last few quarters. We reiterate our BUY recommendation on the stock...