India Strategy & Top Ideas for November 2017

1HFY18 earnings tad below expectations: While there may be many reasons for the lower earnings, the disruptions on GST implementations have impacted 2QFY18 earnings The industry is yet to fully recover from the demonetization of FY17, while disruptions of GST has resulted in imbalances in performance. We expect normalcy to return by 4QFY18.