LIC Housing Finance (LICHF) reported weak numbers in Q1FY2020 with a marginal pickup in disbursement. However, a q-o-q decline in net interest margins (NIMs) and decline in asset quality on a sequential basis were dampeners. Loan growth was healthy, but was largely driven by loans to developer (which has historically been a pain point for the HFC, and also led to higher NPAs). We believe, LICHF may be vulnerable to margin pressures going forward as well as developer loans tend to turn sour, which can affect profitability. Moreover, due to intensifying...