L&T; Finance Holdings (LTFH) reported 4QFY21 PAT of INR2.7b (a 31% miss). Excluding a one-off taxation provision, PAT would be INR4.3b (v/s our estimate of INR3.8b). While PPOP missed our estimate by 9%, lower credit costs led to the PBT beat. In FY21, the loan book declined 4% YoY and PAT more than halved to...