India Strategy Report Back
India Strategy: 3QFY18 interim earnings review

  • The 3QFY18 earnings season has so far been broadly in line with expectations on headline numbers. Of the 33 Nifty companies that have declared their earnings results, 23 have either met or exceeded our estimates.
  • For the MOSL Universe, sales, EBITDA and PAT have grown 14.4%, 11.2% and 13.3% YoY, as against estimates of 14.4%, 10.0% and 12.5%, respectively. For MOSL Universe ex OMC, PSU Banks and Metals, sales, EBITDA and PAT have grown 11.2%, 10.7% and 7.3%, as against expectations of 10.5%, 10.4% and 8.2%, respectively. The other income component has come below expectations for most of the companies.
  • Sales, EBITDA and PAT for the 33 Nifty companies have grown at 13.3%, 9.4% and 14.1%, as against expectations of 14.2%, 9.4% and 11.9%, respectively.