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MOSL: Morning India (16/May/17)-1.India Strategy (Interim Earnings Review)- 2. Utilities; 3. Vedanta; 4. Siemens; 5. Colgate-Palmolive; 6. Bata India

​MOrning India (16/May/17): 1.India Strategy (Interim Earnings Review); 2. Utilities; 3. Vedanta; 4. Siemens; 5. Colgate-Palmolive; 6. Bata India; 7. South India Bank; 8. Indo Count Inds; 9. Idea Cellular; 10. J&K Bank

Today’s top research theme

• ​India Strategy: 4QFY17 interim earnings review; In-line so far; margin contraction evident
  
• The 4QFY17 earnings season so far has been in line with expectations in terms of headline numbers. The MOSL Universe has reported sales, EBITDA and PAT growth of 10.2%, 5% and 12.2% YoY, as against expectations of 11.2%, 2.7% and 10.4%, respectively.
  
• Of the 24 Nifty companies that have declared their results so far, 19 have reported earnings ahead of/in line with our estimates. Sales/EBITDA/PAT for the 24 Nifty companies have grown 11.7%/1.6%/6.3% v/s expectation of 12%/(0.9%)/2.2%.
  
• Almost three-fourths (that is, 56) of the 81 MOSL coverage companies have reported EBITDA either in line with or above estimates. On the PAT front, 55 out of 81 companies either met or exceeded expectations.
  
• Ex-Financials, EBITDA margin declined 200bp YoY to 21.5% v/s estimate of 21%. Barring Metals, other sectors have seen margin contraction.