With growing concerns around the asset quality and limited upside potential at current price levels, we downgrade our rating on the stock to HOLD, with a revised TP of Rs. 2,434, based on SOTP valuation. Mixed quarter with higher NII offset by lower non-interest income Q2FY21 recorded a robust growth of 20.7% YoY in net interest income at Rs.3,647cr (Rs. 3,021cr in Q2FY20) and NIM stood at 3.2% for H1FY21 (down by 10bps vs 3.3% in H1FY20). For H1FY21, cost to income ratio was noted at 8.5% (vs. 9.7% in H1FY20). Provisions stood at Rs. 12,304cr with 2.6% exposure at default. Lower other income...