HDFC's Q1FY20 numbers came in a little weak owing to slower growth in its loan book (11% YoY). PAT although has grown by 46%, is 7% below our estimates. Growth in PAT is however, attributable to one-time gain of Rs18.9bn from stake sale in Gruh. The NonIndividual book growth was calibrated at 2%, while Individual book grew 15%+. Spreads were under pressure and GNPA increased by 11bps sequentially to 1.29%. Given the challenges in its core housing finance business, we expect the normalcy could take time to come around. Hence, we retain our REDUCE rating on the stock with a SOTP based...