6 key highlights of the result review q4fy16

6 key highlights of the results review

MOSL Universe (ex PSU Banks, OMCs) sales, EBITDA and PAT growth are at seven-quarter

highs.

MOSL Universe revenue growth (+4%) has turned positive after five quarters.

Operating margins for MOSL Universe

(Ex Financials & OMCs) at 19-quarter high.

PAT margin for MOSL Universe (Ex Financials & OMCs) at 15-quarter high.

Nifty earnings ex the 4 corporate lenders (ICICI, SBI, Axis and BoB) significantly

outperformed the estimates (PAT growth of 13% vs estimate of 6%).

The number of companies that met/beat estimates were 67%, highest in last 10 quarter

We have raised our FY17 EPS for 51 companies (3%

upgrade) and cut our FY17 EPS for 65 companies (3%

downgrade). Intensity of

downgrade in select cyclical – banks and commodities still led

to an aggregate downgrade.

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Motilal Oswal Securities Ltd. (MOSL) Member of NSE, BSE & MSEI - CIN no.: U65990MH1994PLC079418 Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; ; Tel No.: 022-3980 4263; www.motilaloswal.com. Correspondence

Address: Palm Spring Centre, 2nd Floor, Palm Court Complex, New Link Road, Malad (West), Mumbai- 400 064. Tel No: 022 3080 1000. Registration Nos.: NSE(Cash): INB231041238; NSE(F&O):

INF231041238; NSE(CD): INE231041238; BSE(Cash): INB011041257; BSE(F&O): INF011041257; BSE(CD); MSEI(Cash): INB261041231; MSEI(F&O): INF261041231; MSEI(CD): INE261041231; CDSL: IN-DP-16-

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Funds are offered through MOAMC which is group company of MOSL. Motilal Oswal Wealth Management Ltd. (MOWML) : PMS (Registration No.: INP000004409) is offered through MOWML which is a group company of MOSL. Motilal Oswal Securities Ltd is a distributor of Mutual Fund & IPOs. Please

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