Really impressive result from Manappuram. I think the biggest take away is a note give in the investor presentation which says "Plans to raise funds from PE to achieve targeted growth in the business ". While it is not clear whether this is going to be done at the parent level or specifically for Asirvad at the subsidiary level - it is really interesting, as any fund raised at a parent level will give us the kind of valuation multiple a PE is ready to place on the listed entity and if this is done at Asirwad level then that is a clear sign of them listing this entity in the near future.
Disclosure: Invested.
AJ