Hi Sai,
First of all, we all are students of investing and try to learn from each other hence shall call each other by first name without any suffixes like sir. I no way deserve it so request you to address me with first name.
To answer your question, you need to look at the Investment entries in AR and see which ones are overlapping and exclude them. Rest of them you can deduct. Many of the Investment entries are already part of NBFC business and hence leads to double counting. Though, it is slightly tedious exercise, one must do it to arrive at true picture.
Also, have you also counted the value of its alternative asset management business in the valuation as I am not able to see it anywhere. Typically asset management companies are to be valued at 6-10% of AUM. Since piramal operates in niche and high yield areas, the valuation will nearer to the ceiling than floor.
Hope this helps.
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