Profitability is expected to improve rapidly over the short term with strong market share in the rural regions. While asset quality concerns remain, the capital infusion via upcoming rights issue should provide some respite. We thereby retain our ACCUMULATE rating with roll forward target price of Rs.115 based on 1.2x FY23E BVPS. NIM improves on lower borrowing costs Company reported net interest income of Rs. 1,581cr (+13.5% QoQ, +7.7% YoY). NIM + Fee & other income margin rose to 7.4% (+90bps QoQ, +10bps YoY). The interest...