Maintain BUY with a TP of Rs 636. (2x Mar-20 ABV of Rs 318) In a seasonally strong quarter, LICHFs results were largely uninspiring. Sequential NIM expansion was curtailed (16bps vs. and average of 23bps over FY12-17) despite a 34bps drop in CoF and rising share of higher yielding project loans (4.9% vs 4.0% QoQ) and LAP (14.3% vs. 13.2% QoQ).