LIC Housing Finance (LICHF) reported a strong 12% QoQ growth in its Q1FY24 PAT at INR 13.2bn – largely driven by robust 11% QoQ NII growth. NII growth was led by NIM expansion of 28bps QoQ and supported by: 1) the cumulative PLR hikes by 210bps during FY23, followed by another hike of 25bps in Q1FY24, and 2) by superior liability management with 50% of the liabilities being at fixed rate.