Nifty top-line grew by 19% Y-o-Y while Bottom-line grew by 7% Y-o-Y. Nifty sales growth remained flat as pressure on volumes due to delayed festive demand and Kerala floods offset the positive impact of Oil & Gas and Metals sectors. Rising operating costs such as fuel, freight and packaging costs weighed on margins and profitability. Continued INR depreciation and interest rate rise also impacted earnings. Strong realisation led earnings growth was seen in Oil & Gas and basic materials, as input cost pressure haven’t caught up to realisation growth in these sectors. H1 Nifty EPS (continuing operations) now stands at 463 (TTM). Nifty earnings estimates have been cut 11% from the beginning of FY19 to date. We expect FY19 Nifty EPS to be 514 while FY20 is expected to be 591.