We interacted with Capri Global (Capri) management to get an update on their business, liquidity situation and growth opportunities. A diversified product portfolio and well-defined customer segments have enabled Capri to register a robust 45% CAGR in assets under management (AuM) over FY15-18. Management has guided for growth acceleration with greater thrust on asset quality. To that end, Capri has built in a strong credit structure across the entire value-chain that aids in containing delinquencies. Adequate liquidity on its balance sheet and strong capital position (CAR at 37%) augur well from growth perspective. We remain convinced about Capri's growth strategy and are factoring in 42%/35%/41% CAGR in AuM/revenue/ earnings over FY19-21E. Prudent capital...