Maintain BUY with a TP of Rs 515 (1.5x Sept-20E ABV of Rs 343). LICHFs 2Q was a mixed bag. While the business momentum was healthy, the stagnant margins and rise in GNPAs were disappointing. Disbursal growth was driven by individual (+30% QoQ) and project disbursals (+3.3x QoQ). While the overall growth (+16%) was at a multi-qtr high, tepid growth in the core segment (+9% YoY) lagged peers.