S Krishnakumar says: “Definitely this year has been quite a bit of surprise aided by expansion in operating margins. Nifty earnings probably would be upwards of Rs 1000 at this point for FY24. So, if you run forward one-year, two-year earnings, we should be around Rs 1,115 on a one-year basis and about Rs 1,280 on a two-year forward basis and discounting the current multiples.”