Asset quality deteriorated significantly as Gross/Net non-performing asset (NPA) ratio increased by 45/37 bps QoQ to 3.0%/2.0% in Q3FY18 mainly led by slippages of Lanco Anpara where it has exposure of ~Rs1,250cr. However, gross restructured assets declined by 9% QoQ following upgrade in public sector unit (PSU). As per management, some more PSU restructured accounts are likely to get upgraded in future. However, given the uncertainty surrounding private restructured assets (Rs12,644cr), we expect the company's...