Federal Bank's numbers were a beat on our estimates. Net Interest Income/PAT growth of 17.8% and 46% YoY was 1.6/7.8% above our expectation. Operating profit came in fairly higher (+29% YoY) driven by a 45% growth in Non-Interest Income. GNPA due to slightly higher slippages in the quarter increased by 8bps sequentially to 3%. Credit growth though lower than our expectation of 20%, was decent at 18.8%. With NIM almost flattish at 3.15%, cost to income ratio improved by 240bps YoY to 49.4%. We largely retain our numbers on FY20/21 and re-iterate BUY' with a new TP of Rs124...