PSP Projects: PSP Projects (PSP) reported yet another weak quarter, with revenue/EBITDA/APAT of INR 5/0.6/0.4bn, thereby missing our estimates at all levels. PSP continues to disappoint with slower-than-expected execution ramp-up in Q3FY23. Its entire order book (OB) (excl. Bhiwandi and Pandharpur forming 14%) is under execution. The current bid pipeline stands at INR 45bn, of which 70% orders are from Gujarat and 60% are private. The revenue guidance for FY23/24 stands at ~INR 21/27bn, with margin of 11-13% and an order inflow (OI) of ~INR 40bn. Given a robust OB and likely higher execution in the near term, we recalibrate our FY24/25 EPS higher and increase our TP to INR 764/sh (13x Dec-24E EPS). However, due to the recent rally in the stock price and limited upside on our TP, we downgrade our rating to ADD. IndusInd Bank: IndusInd Bank (IIB) reported its highest-ever quarterly earnings, largely on account of steady loan growth (+19% YoY), stable margins, sustained traction in fee income and lower credit costs (1.7% annualised). Gross slippages at 2.3% witnessed some deterioration in the CV/CE portfolio and partial fallout from the restructured book, ex of which the back-book appears to be incrementally stabilising. IIB managed to garner retail deposits in the form of CA and TD from select affluent and NRI pockets, resulting in an overhang on its funding costs. Given its historically sub-par/non-sticky deposit profile, we believe IIB would continue to face challenges in a deposit-constrained environment, given the narrowing wedge with loan growth. We tweak our FY23E/FY24E estimates to factor in...