We maintain Neutral. Revise the TP to Rs 706. (2.4x Mar-19 ABV) LICHFs 1Q results came in line with expectations, owing to pressure on yield as NIM declined 47bps QoQ (11bps YoY) to 2.5%. Loan book increased 1.7%/15% QoQ/YoY. GNPA shot up QoQ from 0.43% to 0.72%, owing to higher NPAs in the retail book. NIM pressure was largely owing to yield pressure on advances, which declined 26bps. NII declined almost 10% QoQ (up 13.6% YOY) to Rs 93.7bn. Disbursement growth remained strong at 15% YoY, largely driven by individual book growth of 17%.