quality and earnings over FY21-22. Consequently, GNPA & credit costs estimates stand tweaked to 9.3% for FY21 (earlier 7%). While our estimates (EPS up by 6% for FY21 and 1-2% FY22-23E) sufficiently incorporate rural-led tractor and pre-owned recovery translating into better NII and anticipated higher other income, the same should stand offset by continued elevated provisioning (CC at 530bps FY21, 300bps FY22). Moreover, capital raising coming at a huge dilution is translating into low order RoEs (7-10%: FY2223E) at current expensive valuations (2xPABV FY23E). With structurally low return profile offering no respite, we reiterate REDUCE rating with SoTP target...