India has ~63mn MSME units and AU SFB's branch network encompasses 5 states, which account for ~35% of the total units (Top 10 states account for ~75% of the total MSME units) . Of the 63mn units, only ~5mn units (8%) have access to formal sources of credit. In FY17, the total MSME credit (from formal sources) stood at INR 16tn, of which bank credit accounts for ~84%,(ie ~INR 13tn, forming 17% of overall bank credit in FY17) and the rest by NBFCs. We expect AU SFB's AUM from MSME and SME loans (retail) to grow at a CAGR of 28% and 29% respectively over FY18-21E, outpacing the overall growth in bank credit to MSME (which is expected to grow at a CAGR of 9-11% over FY18-23E vs. the overall bank credit is expected to grow by 10-12% in FY19E), considering its aggressive stance and...