IndusInd reported subdued performance with slowdown in credit growth to 21% vs 26% in Q1FY20 along with a 52% QoQ rise in slippages. Deposits growth stood at 23% YoY. NII grew by 32% YoY with a 21% YoY growth in its core fee income. Ex-BFIL, NII growth was a little weak at 14% YoY. Consolidated PAT growth is at 52% YoY. GNPA increased slightly to 2.19% vs 2.15%; however NNPA declined to 1.12% vs 1.23% due to accelerated provisioning. Bank's aggregate exposure net of provisions to Zee/ADAG/DHFL declined to 1.1% vs 1.7% (QoQ) of loan book. Further, this exposure is expected to decline to 0.8% during Q3FY20. We cut our ABV by 4.5% for FY21. We retain our BUY rating with a TP of Rs.1,575 (Rs1,863 earlier) valuing the stock at 2.75x...