The second quarter (Q2) results have just started coming in. It is too early to see trends. If we look at consensus expectations, those are not very high. A combination of adverse macro-trends and sector-specific pressures could have led to low growth. The negative include high crude prices, a falling rupee, rising raw material inputs due to high petro prices and import tariffs, plus an NBFC crisis that has led to high bond market yields.
Adjustments will have to be made for base effects caused by GST launch last year. The Q2, 2017-18 saw restocking across many industries, which will cause
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