Boil milk in a pan, reduce it to half.
With the help of a colander, strain the hot milk (remove all the malai).
In a cup take some cold milk and add the custard powder. Mix well. Make sure there are no lumps (Here I am using Pillsbury Custard Powder, which is vanilla flavoured).
To the hot milk add sugar and diluted custard powder. Mix thoroughly with the help of a whisk. Then add the sliced almonds. Give it a quick mix.
To make the caramel sauce, take sugar and water in a saucepan. Heat it on medium-low flame. Do not stir.
The sugar will melt and start bubbling. Lower the heat. Swirl the pan occasionally to ensure even caramelization.
Continue cooking until the syrup is honey-coloured.
Then slowly add the milk. The syrup will start bubbling. Stir continuously with the help of a whisk. Cook for a minute and then turn the heat off. Allow it to cool down a little.
Add this slightly warm caramel sauce to the serving glasses or bowls. Lightly drizzle the sauce inside the glass.
Pour the custard into the glasses. Add a layer of caramel sauce on top and garnish with thinly sliced almonds.