Given the ongoing growth momentum and upside potential, we rate the stock a BUY with a target price of Rs. 2,119 based on SOTP valuation. Financial Services perform well despite challenging environment Company reported strong topline growth in Q1FY20 (+20.8% YoY to Rs. 3506cr). Growth is primarily led by robust performance in Financial Services division (+29.2% YoY to Rs. 2,014cr), despite liquidity tightening in the NBFC space and overall slowdown across sectors. Total loan book rose 20.2% YoY to Rs. 56,605cr, while gross NPA ratio stood at 0.9% (63% QoQ decline in stage 2 assets), maintaining healthy asset...