With the worst long behind AXSB (in terms of asset quality), the near term forewarning is not too disconcerting. As our earnings have consistently, and conservatively lagged consensus, they dip merely 3/4% for FY20/21E to factor in higher provisions. Numerous strategic changes, give us confidence on the bank's ability to face macro headwinds and thus stay put on its long term trajectory. In line operating performance and higher provisions resulted in a PAT miss. In spite of higher slippage guidance, our already conservative earnings havent suffered much. MAINTAIN BUY with a TP of Rs 900 (2.8x Jun-21E ABV of Rs 311 + Rs 27 for subs)