Aadhar, it’s a small position, and everything looks good presently, but what I like is that they try to focus on certain businesses and grow really well in them. For example, their wholesale real estate and school lending. The way they have grown the SME side is great, and their ability to keep NPA low, even if GNPA grows in further years, as per there earlier experiences, they will still be able to manage. Recently, they started an unsecured loan for the pipe industry, which is partnered with APL Apollo. I personally think this will do good because they are close to APL Apollo’s MD, and they know the risk of unsecured loans because they used to have them before. (And I personally believe NBFC is all about unique products and partnerships).
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