Strong growth sustains, on track to deliver >35% FY24 growth; underlying asset quality trend stays healthy
Five Star sustained strong growth momentum in Q2FY24 with disbursement growing at 6% QoQ and AUM at 9% QoQ. We see upside risk to its full year FY24 growth guidance at 35% given addition of 70 new branches during Q2FY24. It highlighted that southern India would remain a key focus market for near-term incremental growth.