RELHF’s loan book grew by 26% YoY to INR 156.4bn (lower than CSEC’s estimate of 47%). However, the book declined by 4.5% sequentially. Growth in AUM came predominantly from Construction finance and individual loans segments which grew by 25% and 21% YoY respectively. The management expects its AUM to grow by 45% CAGR over FY19-21E. Self employed segment, being the …