LTFH reported a PAT of INR2.23b in 2QFY22 (in line). While PPoP stood at INR11b (9% beat), higher provisions/credit costs of INR7.8b (12% higher than our estimate) led to an in line PAT. The loan book continued to consolidate and stood at INR869b (down ~12% YoY/2% QoQ), driven by Infra loans, LAP, and the defocussed business. The Rural Finance book exhibited strength, led by a return to a normalized monthly disbursement run-rate in Micro loans in Sep'21. Additional provisions (including OTR) stood at INR17.5b (2.2% of standard...