Improved capital ratios and provision buffers could protect the company from any near-term uncertainties. However, company's asset quality and recovery from other business segments should be closely monitored. With cautious outlook, we downgrade our rating to HOLD with a revised target price of Rs. 96 based on ~1.0x FY23E BVPS. Efficient liquidity management aids margin expansion In Q1FY22, company's net income grew by 13.9% YoY (-7.1% QoQ) to Rs. 1,499cr. NIM + Fee & other income margin expanded by 174bps YoY to 7.52%, primarily due to...