Transforming into a full-fledged NBFC model Error! Bookmark not defined. Investment Thesis.................................................................................................. 6 In a sweet spot ................................................................................................... 6 Gold financing a structural opportunity ........................................................ 6 AUMs to grow at 20% CAGR over FY20-22E .................................................. 14 Gold Lending Business to grow at 11% CAGR............................................. 16 Non-gold lending business to grow at 34% CAGR ....................................... 19 Guarded gold asset quality; non-gold closely monitored .................................. 23...