We retain Hold on Axis Bank with TP revised lower to Rs520. The quarter saw bank upfront a substantial part of its watchlist exposure into NPA (slippages came in at Rs165.4bn or 15% of loans annualised). Resultant, Q4'18 results were lower to our / street estimates on both profitabiity and asset quality front. With large part of stressed assets recognised, focus now shifts towards growth. Loan loss provisions is expected to remain elevated (especially in H1FY19), however with healthy coreoperating profit we expect RoE to scale towards 14-15% levels by end-FY20e....