No matter how well a company is runned, it just cannot escape the crisis. We are probable at the start of a painful downcycle (as per concalls of 10+ NBFCs & Industry experts). Arman has done all the right things - they have been spectical of the high growrth and RoE over the last few concall, this higher provisioning was more than expected. But there will be pain for the next 1-2 years. Only good think is the borrower level leverage is lowest in their core geography (Gujarat).
Disclaimer: Have been invested for last 6 years, just exited last month. Will look to enter in 1-2 years.
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