How difficult was last fiscal given the crisis in the debt funds and what are the lessons learnt from it?
Compared to 2020, we believe 2017-18 was a much more difficult period when there was a rush for yields without factoring the risks involved. We had consciously maintained the decision-making process based on our analysis of the risk-return trade-off. This discipline had probably resulted in our losing out on many investments made by other market participants, but it helped us avoid credit events seen last year.
