We expect the company to positively endure its robust pickup in collections, focused book, disbursements and restrained debtors, yet asset quality remains questionable. Hence, we value the stock at Rs. 74 based on ~0.9x FY22E BVPS and our ACCUMULATE rating. Elevated disbursements; Balanced loan book LTFH's focused loan book recorded a mild growth of 1.2% YoY at Rs. 94,172cr, as Rural finance grew 6.7% YoY partially offset by a granular growth in Housing (+0.9% YoY) and de-growth in Infrastructure finance (-2.3% YoY). Salaried class loan book went up...