Diversity has given BFL an edge in terms of AUM growth (>38% CAGR to | 60194 crore in FY11-19) and asset quality with steady 1.2-1.6% GNPA in the past three years). PAT rose at 40% CAGR in FY11-18 to | 2646 crore (old GAAP). We introduce FY22 estimates. With provisions on rising NPA and tax adjustment, in FY20-22E, we expect NII, PAT traction to remain strong at 27%, 30% CAGR, respectively, in FY20-22E. Operating efficiency is enabling...