to 1.7% remains elevated despite 87% salaried class focus (c) developer loan NPA at 17% although 2/3 big ticket cases stand in final stages of resolution. While NIMs stood steady this quarter, the same do not stand sustainable for FY21 as balance transfer cases to rise in light of high competitive intensities. We believe FY23 should witness revival (loan growth 15%+, NIMs 2%+ and NPAs 2.5%; current estimate 3.5%). As macro tailwinds signal beginning of bottoming out of painful home finance cycle, we upgrade LICHF to HOLD and tweak valuation multiple to 0.9x PABV Sep'22 estimates arriving at price...