Key to highlight in L&T Finance Holdings’ (LTFH) Q1FY23 earnings is retail portfolio build up and behaviour of restructured pool. Consolidated PAT of Rs2.62bn in Q1FY23 (down >20% QoQ, albeit up 47% YoY on a low base dragged below our expectations due to higher-than-anticipated credit cost (at Rs8bn >3.6% credit cost).