Maintain BUY with an SOTP of Rs 1,400 (4.25x Dec-20 core ABV of Rs 263 + Rs 281 for subs). Robust operating performance (NII: +23/9% YoY/QoQ), book growth (+24/6%) and CASA traction (+28/5%), at KMB continued into 3QFY19. Lower GNPAs (~2.07% vs. 2.15% QoQ) coupled with a higher PCR (~66.2%) indicate further improvement in asset quality. Margins increased (~4.33%, +13bps) due to improving pricing power and rise in the share of low cost deposits. The contribution of most subsidiaries to consolidated net earnings reduced during the quarter, attributed to unfavourable environs.