The results are mostly Flat on a QoQ basis in line with the broader markets. The good part is that the AUM and Market share has slightly increased despite fall in AUM at an industry level.
I feel, the valuations will depend on the company maintaining the operating margin at ~36 bps of AUM. Then only the benefit from growth in AUM will flow to the bottom line.
P.S - Invested. Waiting for company to move aggressively into non MF Asset Management space.