While growth in the core segment accelerated slightly, it remains contextually unimpressive. Growth driven by the riskier non-core segment (~24% vs. ~16% in FY17) has not been a positive trade off. Higher yields from the rising share of the non-core segment were negated by weakening pricing power in the core segment while asset quality has deteriorated, led by the non-core segment. Except for the spike in provisions (+58/141%), operating performance was in line, and asset quality deteriorated QoQ as per seasonal trends. Maintain NEUTRAL with a TP of Rs 554 (1.5x Jun21E ABV of Rs 370).