Maintain NEUTRAL with a TP of Rs 538 (2x Mar-20 ABV of Rs 269). A massive provision for NPAs (7.56% annu. vs 2.65% QoQ), driven by enormous slippages (~15.4% annu. vs 4.3% QoQ) dragged AXSB into its first ever quarterly loss (Rs 21.8bn) in 4QFY18. Flat core earnings and tepid fee growth (up merely 1% YoY) further dented profitability.