Individual subsidiaries have reported stable earnings and an improvement trajectory. We expect PAT to grow at 8% CAGR in FY18 - 20E to 1525 crore. We expect RoE to improve to 12.5% in FY19E with improving RoE of individual businesses and lower networth. Accordingly, we revise downwards the stock valuation to 525 per share on an SoTP basis (660 earlier). We factor 200 per share cut towards group exposures. We maintain our BUY rating on the stock.
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