The Q4FY16 results of some companies were higher than Street expectations, indicating a revival in the earnings cycle. Furthermore, India’s eight core industries output expanded 6.4% YoY in March 2016, the fastest growth in the last 16 months. The outperformance was mainly led by cement, electricity and fertilisers output. Barring crude oil and natural gas, most other segments recorded satisfactory growth in March. Among all segments, fertilisers, cement and electricity clearly outperform other segments by recording output growth of ~23%, ~12% and ~11%, respectively. It gives enough reasons to the industry to believe that a stable recovery of industrial production is on the cards.