Axis Bank's NII growth of 13% was in line with our estimate, while PPOP growth came in at 35% YoY (+17% above our expectations). Core fee growth led by retail and transaction fee was strong at 26% YoY. However, headline NIM declined 6 bps YoY to 3.40%. Gross slippages also came in as a key negative, given the quantum was a 5-Qtr high figure at Rs48bn. Moderate loan growth of 13% was due to de-growth in the overseas book. We believe the systemic headwinds would continue in the near term, post which we remain confident of the structural growth story of the bank. Hence, we retain our BUY rating on the stock and revise TP to Rs780 (Rs860 earlier) by valuing the...