As guided in Q4FY20, IndusInd's deposit growth improved sequentially (up 5% QoQ). We see this will address concerns of the street on liability management of the bank. NII grew by 16% YoY led by improvement in margins; however non-interest income declined by 9% YoY (down 14% QoQ) due to lower retail disbursements. Consolidated PAT decline by 68% YoY due to higher provisions (up 424% YoY) including floating provisions of Rs.9.2bn on Covid-19. GNPA increased slightly to 2.53% vs 2.45% QoQ; however in absolute terms GNPA declined sequentially (down 1% QoQ). Moratorium book declined from 50% (April'20) to 16% as of June'20. We largely maintain our estimates for FY21/22E. We retain our BUY rating with a new TP of Rs.650 (earlier...