Maintain BUY with SOTP of Rs 1,378 (4.5x Mar-20 core ABV of Rs 238 + Rs 309 for subs). A one-time MTM hit (~Rs 2.1bn) and higher NPA provisioning (LLP +49% QoQ, PCR rose to 61%) capped KMBs net earnings (down 9% QoQ, missing estimates by ~7%). The business remains healthy as ever, with broad based loan growth (+24% YoY), best in class NIMs (4.30%) and negligible net stress incl. SMA-II (97bps, down 6bps).