The harsh portfolio!

I keep sharing my time weighted returns annually on this thread, you can see returns until 2022 below.

In 2023 until August, portfolio is roughly up by 32%, so you can compute overall returns. What I dont share on this thread is capital weighted return. Since peak of January 2018 until August 2023, capital weighted returns (net of dividends and transactions costs) has been ~27%. But this number fluctuates wildly depending on market performance.

I think runway for anything related to loans is very long in India as credit growth is a multiplier of nominal GDP growth. I expect housing finance industry to keep growing at 14-15%, affordable housing at 18-20% and differentiated affordable housing companies (likes of Aptus) can potentially grow at 25-30% for a long period of time. More than growth, I am focused on credit underwriting quality and cost structure for NBFCs. In both terms, I find Aptus to be higher quality (high NIMs, low credit costs, very low operating costs, secured loans).

Yes, I am invested and continue to remain bullish on the company. For now, I haven’t thought of an exit plan. To be honest, I think Propequity can easily trade at 1000 cr. market cap, given the kind of valuations market gives to loss making platform businesses.

Alembic Pharma has actually done exceedingly well if you zoom out a bit and look at their growth profile since 2011. The mistake they made was allocating too much capital at cycle top, and then facing FDA issues. However, the FDA issues have now been resolved and they are being more measured about capital allocation now.
Zydus is currently doing very well due to revlimid opportunity, and their successful forey in injectables and transdermal patches. However, over a longer period of time, Zydus’ growth rate has been lower than Alembic as Zydus has a very high base. Going forward, I feel Alembic will make a strong comeback. My personal philosophy is one shouldn’t get overbullish during good times and overnegative in bad times, as neither last.

You are mistaking Zydus wellness with Zydus Life. Both are different businesses, owned by the same group.