FY16 earnings upgrade could be the next driver for a big move Our current estimates project mid teens earnings growth for FY15 and FY16. We see limited potential for an upgrade for FY15, however FY16 seems more likely. And that will be driven by the quality of groundwork that
is done over the remaining fiscal. Notably, even as the markets have rallied by a good 20% over the last 12 weeks, we believe that India has not turned recklessly expensive on an absolute levels. Hence our stance to add on dips remains the underlying theme, and build upon the portfolio for the 18-24 months
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