IndusInd's deposit growth declined to 4%YoY in Q4FY20 (23% Q3FY20) due to outflows in government deposits (75%) and corporate deposits (25%) was a worrisome. However, Rs.60bn accretion in first 2 weeks of April and guidance of strong sequential growth of deposits in Q1FY21 could be seen as positive. NII grew by 45% YoY with a 14% YoY growth in its other income. Consolidated PAT decline by 12% YoY due to higher provisions (up 56% YoY) including floating provisions of Rs.2.6bn on Covid-19. GNPA increased to 2.45% vs 2.19%; however NNPA declined to 0.91% vs 1.05% due to accelerated provisioning. Bank's SMA1 & 2 exposure declined to 0.69% vs 1.17% (QoQ) of loan book. We largely maintain our estimates for FY21. We retain...