LIC Housing Finance (LICHF) reported a marginal 2% YoY increase in PAT toINR5.4b (5% beat), helped by better than expected loan growth and lower credit costs. Loan book growth remained in line with past trends at 15-16% YoY, with core home loans growing at 11% YoY. Loan mix continued to shift towards non-core loans, with the share of LAP and developer loans increasing 180bpQoQ to 19.2%. Disbursements grew 15% YoY to INR174b, driven by 17% YoY increase in home loan disbursements to INR110b.