Maintain BUY with an SOTP of Rs 425 (2.0x Dec-20 core ABV of Rs 160 and sub-value of Rs 104). A sharp decline in slippages (~Rs 20.9bn at an 18 qtr low), reducing net stress (~5.9% vs. ~8.1% QoQ), dramatic improvement in coverage as the PCR climbed ~690bps to ~76% (Reported) resulting in a 26% QoQ dip in NNPAs coupled with sustained growth in the domestic book (+16% YoY) made 3Q a blockbuster quarter.