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For FY19/20, we estimate PAT of INR 43.2 bn/102.7 bn respectively. Even though slippages are expected to start trending downwards from H2FY19 onwards, we are of the view that there are better options to play the corporate recovery. We value the stock at INR 562 based on 2.5x FY20E ABV (last 5 years’ mean).

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