Investment rationale by Emkay Global:
AUM growth continues to outpace disbursements growth as SME loan tenures rise: AUMs for Q1FY19 grew by 20.5 per cent yoy (5.3 per cent qoq) to Rs 292bn despite of slower disbursement growth of 10.5 per cent yoy mainly due to increasing tenure of existing loans especially in SME segment. However, disbursements excluding gold finance segment grew by a healthy 23 per cent yoy. MSME and 2 Wheeler continued to support growth whereas gold finance book decline. We are factoring in 18 per cent CAGR growth in AUM f
