Given the slowdown in auto volumes, liquidity crisis, the business environment remained tough. However, SFL has been able to outperform its peers on the back of stable asset quality & steady margins, though growth has moderated from a peak of ~40% in FY18 to 11% in Q2FY20. Going ahead, we expect loan growth of 10% CAGR for FY19-21E to | 33871 crore. During H1FY20, disbursement remained flat at | 8246 crore vs. | 8374 crore in H1FY19. Accordingly, AUM growth moderated to 11% YoY to | 30256 crore. On the liability front, strong parentage and business model has...