L&T Finance’s (LTF) reported 4QFY25 PAT grew 15% YoY to INR6.4b (in line). FY25 PAT grew ~14% YoY to INR26.4b. Consol. credit costs stood at INR6.2b (in line), translating into annualized credit costs of ~2.55% (PQ: 2.5% and PY: 3.2%).