Slippages have declined to 2.4% as against 3.2% last quarter. GNPA declined by 49bps QoQ to 5.3%. Unrecognized stressed assets (BB & below + SR + restructuring) book has declined by another 12bps during the quarter and 140bps over last 3 quarters to 2.2% of loan book. Loan growth moderates at 13%, driven by retail and SME segment. NII as well as PAT is in line with our expectations. We roll forward our valuations to FY21, upgrading our rating to BUY, increasing our TP to Rs860 (Rs710 earlier) by valuing the...