Value investor- India mid & small caps

Bhaskar Chakraborty

Equity Bottom-Up

<ul><li>Grows consumer AC volume 32% YoY in FY17 against 20% growth of overall industry</li><li>Grows consumer AC revenues 27% YoY indicating competitive pressure on pricing</li><li>Grows consumer AC EBIT 26% YoY despite Rs100m cost incurred in launch of water purifiers and air purifiers. Adjusted for the same, EBIT would have been up 32% YoY.</li><li>Guides to 20-22% volume growth in consumer AC business in FY18 in the backdrop of expected destocking in the channel owing to GST implementation</li><li>Grows Project business revenues 19% YoY against 3-year Cagr of 9%</li><li>Project EBIT grows 20% YoY</li><li>Project order book up 23% YoY at Rs19bn</li></ul>

Grows consumer AC volume 32% YoY in FY17 against 20% growth of overall industryGrows consumer AC revenues 27% YoY indicating competitive pressure on pricingGrows consumer AC EBIT 26% YoY despite Rs100m cost incurred in launch of water purifiers and air purifiers. Adjusted for the same, EBIT would have been up 32% YoY.Guides to 20-22% volume growth in consumer AC business in FY18 in the backdrop of expected destocking in the channel owing to GST implementationGrows Project business revenues 19% YoY against 3-year Cagr of 9%Project EBIT grows 20% YoYProject order book up 23% YoY at Rs19bn

India Consumer Discretionary: Blue Star 4QFY17- Passed the Demonitization Hump

Blue Star Ltd

India Consumer Discretionary: Blue Star 4QFY17- Passed the Demonitization Hump