LICHF's Q3FY22 earnings growth was healthy, led by improving business momentum. Asset quality largely stood at similar levels QoQ (stage 3 lower by 10bps QoQ to 5.04% and increased by 236 bps YoY), the o/s restructured book stood at similar levels QoQ (Rs 70 bn; ~3% of total loan book). The individual home loan NPAs stood at 2.2% (flat QoQ), developer NPAs increased to ~27% vs ~24% in Q2FY22. We believe that asset quality is still not reassuring and we would closely monitor the movement in stage 3 assets...