HDFC's Q4FY19 PAT has grown by 27% ( 23% above our estimates), attributable to higher growth in non-interest income. AUM growth has slowed down to 15% as against 19% last year. Such a slowdown is attributable to muted growth of 8% in non-individual segment and growth of 17% in individual segment. Spreads are steady at 2.3%. Despite modest loan growth, GNPA is flattish sequentially at 1.2%, with stable numbers across segments. We have largely retained our numbers for FY20. Given the challenges in its core housing finance business, we retain our REDUCE rating with a SOTP based TP of...