JM Financial’s (JMF) Q4FY22 earnings was characterised by: 1) Drag due to limited IPO financing opportunities and investment in franchise reflected in plunge in platform AWS business earnings by 64% QoQ (to Rs140mn). 2) This was offset by the much awaited 16% QoQ rise in consolidated loan book to Rs130bn.though led by bespoke, FI financing and retail mortgages.