Non-bank entities contributed to 35% of consolidated PAT which stood at Rs. 2,553cr (+30.8% YoY) in Q4FY21. Emergency credit line guarantee schemes 1.0 & 2.0 disbursements amounted to Rs. ~11,500cr for the full year. Although the slight decline in asset quality is a cause for concern, the increasing CASA deposits driven by home loans, will ensure the necessary stability in the long term. Hence, we reiterate our BUY rating on the stock with a target price of Rs. 2,052 based on 3.7x FY23E BVPS....