Strong growth in AUM with focus shifting towards retail loans: CFL has witnessed AUM growth of ~25/44/66% CAGR over the last 3/4/5 years driven by strong growth in retail assets portfolio. In line with the company strategy of focusing on MSME and Retail loans the wholesale loan book has largely remained more or less flat over the last 4-5 years at ~Rs 2000 cr while the MSME and retail loan book has grown at CAGR of 43% over FY12-FY15. We expect the company to maintain its growth rate of ~25% over FY15-FY17. The management has guided for an AUM of Rs 28000 30000 cr by FY19 which implies CAGR of ~23-25%. Rigorous credit underwriting process to maintain asset quality:...