India Strategy Report By Motilal Oswal

Getting on track! Inflation, INR, Deficits well in control now; Govt spending to drive capex recovery; Earnings to rebound in FY16/17 1QFY16 PREVIEW: Another quarter of decline! Worst is likely over! | 1QFY16 performance of MOSL Universe: Third consecutive quarter of PAT de-growth  Our bottom-up estimates indicate a 1% YoY decline in aggregate PAT for the MOSL Universe (ex-RMs). Sales would remain flat and EBITDA would grow moderately (4%). The fall in global commodities, delay in revival of the investment cycle and muted rural consumption continue to impact growth of corporate India.

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