Given fragile macro environment, we expect bank would miss on its slippage/credit cost/credit growth guidance for current fiscal factoring in recent large corporate defaults including big telecom company. Despite this, profitability would be strong for current fiscal PAT is estimated to be at 145.7 bn in FY20e vs. 8.6 bn in FY19. For FY20, we estimate slippage ratio, credit cost, credit growth of 2.8%/2%/9% vs. mgmt. guidance of <2%/<1.8%/>10% resp. The saving grace is high PCR of the bank and better corporate resolution pipeline. Apart from this, improvement in cost ratios and expansion in margins would aid the profitability of the bank. More importantly, subsidiaries of the bank are gaining in size and scale, which can...