LTF Results Analysis-Q1FY27

Financial performance and key operating metrics (consolidated) • Total income: +29% YoY; PPOP +35% YoY (management attributed to yield management, fee improvement, and liability management). • NIM + fees: 10.47% (flat QoQ and up vs 10.22% in Q1 FY26), cited as evidence of model resilience “despite a competitive operating environment.” • PAT: ₹902 cr, +49% YoY (highest ever quarterly PAT per management). • AUM/book: ₹1,29,634 cr, +27% YoY. • ROA: 2.48% (up 11 bps YoY). • ROE: 12.71% (up 185 bps YoY). • Retail disbursements: ₹23,852 cr, +36% YoY. • Credit cost: 2.54%, improving 10 bps sequentially; management framed this as dividends from structural credit policy + Cyclops + collections and portfolio management. • Reported NIM fell 24 bps QoQ (8.78% → 8.54%) even as yields were flat; the driver was higher leverage and liquidity posture: • Debt/equity rose 3.73x → 3.97x. • Company carried ~₹4,200 cr surplus liquidity due to geopolitical risk; overall liquidity 13,000+ cr. • Aggressive gold loan distribution build: 343 branches already; 500 new branches planned in FY27.