Q3FY15 Result Review and Picks By HDFC Sec

Net sales of Indian companies expanded at the slowest pace in four quarters in the three months ended 31 December, illustrating the challenges local companies are facing as the
economy takes longer than expected to recover from a growth slump. Lower raw material costs because of a global slump in commodity prices, however, boosted operating profits,
providing the only silver lining in the otherwise dismal scenario. Numbers (earnings and sales) have been disappointing, and have turned out to be a lot worse than consensus
expectations.

HDFC_Sec_Q3FY15_Stock_Picks