LIC Housing Finance

From a cursory glance of LIC Housing Finance, Gruh and HDFC, it seems that spreads have compressed sequentially. Is it a 1Q phenomenon or something else? Or is it that all these companies as well as banks are aggressively competing with each other right now, reducing the spreads.

Because HFC's can lever up their entire equity (they dont need to keep and SLR), they have an attractive biz model in India. Question is the spreads and the NPLs. And of course, what multiple the market decides to give these biz on a particular day.

Disclosure: Own LIC Housing Finance.