Maharashtra Knowledge Corporation Ltd.

The company's revenue increased by 39.9%, from Rs. 145.14 Cr. to Rs. 203.09 Cr. The company's PAT increased by 48.8% to Rs. 41.09 Cr from Rs. 61.14 Cr. The company's total assets climbed by 12.5%, from Rs. 518.16 Cr. to Rs. 582.74 Cr. Also, the EPS of the company increased by 35.5% from Rs. 46.77 to Rs. 63.35 and its total equity increased by 35.5% from Rs. 46.77 Cr. to Rs. 63.35 Cr. Despite the company's positive FY23 performance, we are maintaining a neutral rating because the management has no intentions of pursuing an IPO, which means investors won't have an exit option.