Portfolio re-alignment phase over; growth at inflection point: After growing its AUM at a 36% CAGR over FY07-13, SCUF went into consolidation mode, given the challenging macro environment. The management scaled down growth and re-aligned its gold loan portfolio in light of the tightening regulations for gold loan companies and the sharp volatility in gold prices. As a result, AUMs grew at a meagre 7% CAGR over FY13-16. This phase was marked by realignment of loan book away from gold and in favor of small enterprises and two...