We value the stock at 1.35x on FY22E BVPS, with a target price of Rs. 136 and recommend ACCUMULATE rating. Loan book continued to grow; Disbursements moderated LTFH's focused loan book registered a healthy 13.7% YoY growth, driven by a steady Rural Finance and Housing Finance loan book growth of 14.4% and 14.5% YoY, respectively. However, overall disbursements reduced further (-30.1% YoY), with infrastructure finance declining by 46.9%, primarily due to industry wide de-growth. On housing front, the group remained cautious and maintained tight credit policy...