Maintain BUY with a revised SOTP TP of Rs 894 (2.8x FY21E ABV of Rs 308 + Rs 32 for subs). Our recent interaction with the top management of AXSB bolsters our belief of meaningful change led by an astute top mgt revamp. This is evidenced by the following changes/ data points (anecdotal): (1) Material change in corporate credit/ risk practices with credit/risk heads reporting to the MD instead of business heads. (2) These heads are no longer bound by NII/ Fee targets, reducing the chances of 'trigger-happy lending' (3) A sustained decline in the share of the BB and below rated corporate book (4) Clear focus on profitable growth, driven by a well-articulated strategy. (5) Conscious efforts to trim costs evidenced by declining branch size (down ~60% in the last 5 years) and superior efficiency metrics (AXSB has the lowest avg employees/branch). (6) The entire PL book consists of salaried customers.