Hi Gurjot,
It’s more of the former.
At the time of initial purchase it was roughly at 4-4.5 PB. So, close to 5x returns in 4 years are influenced as much by the valuation multiple expansion as by increase in BV. Going forward, even in best case am expecting the price to track the company performance (20-25%) and not expecting any further expansion in multiples.
Looking for some alpha other places 
Regards
Raja
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