IndusInd's credit growth continues to decline to 20% vs 21% on sequential basis and reported higher slippages from corporate portfolio (up 76% QoQ). Deposits growth remains strong at 23% YoY. NII grew by 34% YoY with a 19% YoY growth in its core fee income. Consolidated PAT grew by 19% YoY; while adjusted for accelerated provisions PAT grew by 52% YoY. GNPA remain stable at 2.18% vs 2.19%; however NNPA declined to 1.05% vs 1.12% due to accelerated provisioning. Bank's aggregate exposure net of provisions to Zee/ADAG/DHFL declined to 0.47% vs 1.1% (QoQ) of loan book. We largely maintain our estimates for FY21. We retain our BUY rating with a TP of Rs.1,720 (Rs1,575 earlier) valuing the stock at 3.0x vs. 2.75x earlier (18%...