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Equity Strategy & Earnings Preview – FY18 Q2
FY18 Q2 earnings: Earnings growth are likely to be better than in FY18 Q1. On aggregate, both top-line and bottom-line for Sensex companies is likely to grow at about 5% YoY led by strong growth in consumers oriented sectors (restocking post GST-implementation & early festive season), private financials, energy (higher refining margins and inventory gains), metals & mining (higher realizations), despite drag from export oriented sectors (sluggish topline for both IT & pharma) and telecom (continuation of hyper-competitive sector activity). EBITDA margins (ex-financials) are expected to remain under pressure given the overall weak demand environment and elevated level of commodity prices.