Management aims to diversify beyond traditional microfinance lending by scaling Muthoot Small Enterprise Loan (MSEL), Loan Against Property (LAP) and gold loans, reducing reliance on Joint Liability Group (JLG) while increasing wallet share within its existing customer base. Management believes the Microfinance Institution (MFI) stress cycle has largely normalized, with credit costs declining to 3.5% and GNPA improving to 3.89%. Despite a gradual shift away from JLG, management remains confident of sustaining 12.5%...