With improvement in collections and reduction in moratorium accounts, we value the stock at 0.77x on FY22E BVPS of Rs. 91, with a revised target price of Rs. 70 and retain our ACCUMULATE rating. Loan book continued to grow; Disbursements moderated LTFH's focused loan book stood at Rs. 93,706 cr, (+3.5% YoY), driven by steady growth in Rural Finance (+6.3% YoY), Housing Finance (+3.5% YoY), and Infrastructure Finance (+1.7% YoY). The disbursements reached Rs. 2,318cr (-75.9% YoY), due to drop in Housing, Rural, and Infrastructure disbursements by 85.1% YoY, 78.4% YoY...