LIC Housing Finance’s (LICHF) 1QFY17 net profit grew 6.7% YoY to INR4.1b, (8% miss). While net income was in line with estimates, higher one-off provision of INR920m due to ageing corporate accounts and one-off provision of INR300m in opex led to lower-than-expected PAT.Loan growth of 15.4% YoY (+1.8% QoQ) was led by non-core assets. While retail mortgage grew 9% YoY and 1% QoQ, LAP book growth stood at +100% YoY due to a lower base and continued traction in the segment, and the share of LAP stood 9.3% (+50bp QoQ). Developer loans grew at a healthy rate of +38%, with their share in overall loans increasing to 2.95% from 2.45% in the year-ago period. Overall disbursements grew 23% YoY to INR75.4b. Motilal Oswal largely maintain their estimates; the stock is trading at 2.1x FY18 BV,upgraded TP to Rs 627 and Maintain Buy.Trendlyne has 18 reports on LICHSGFIN updated in the last year from 7 brokers with an average target of Rs 571.3. Brokers have a rating for LICHSGFIN with 1 downgrade,5 price upgrades in past 6 months and 1 price downgrades and 6 price upgrades in past 1 Year.