This document discusses whether it is better to take a "time-in" approach or attempt to time the market when investing in Indian equities. It notes that corporate profits in India have halved as a percentage of GDP and profitability has declined significantly for cyclical sectors. However, defensive sectors have seen rising profits. The document argues that India's macroeconomic fundamentals have improved, with lower inflation, fiscal deficits, and a stronger currency and reserves. It believes the worst is behind for Indian corporates and valuations are reasonable, suggesting the best is yet to come for Indian equities with a long-term "time-in" approach.

1. STRATEGY | March 2016 March 2016
Indian Equities – Time-In or Timing?

2. Definition of Investing
0
20
40
60
80
100
120
Mar-79
Mar-81
Mar-83
Mar-85
Mar-87
Mar-89
Mar-91
Mar-93
Mar-95
Mar-97
Mar-99
Mar-01
Mar-03
Mar-05
Mar-07
Mar-09
Mar-11
Mar-13
Mar-15
5.6
INR100 of 1979 can
only buy goods “worth”
INR 5.6 today!
After factoring in
the Consumer Price
Inflation Index
100
1

3. 50
70
90
110
130
150
Mar-79
Mar-81
Mar-83
Mar-85
Mar-87
Mar-89
Mar-91
Apr-93
Apr-95
Apr-97
Apr-99
Apr-01
Apr-03
Apr-05
May-07
May-09
May-11
May-13
May-15
PurchasingPower
104
100
Fixed deposit would have preserved your Purchasing Power
2

4. 3
50
100
150
200
250
300
350
Mar-79
Mar-81
Mar-83
Mar-85
Mar-87
Mar-89
Mar-91
Apr-93
Apr-95
Apr-97
Apr-99
Apr-01
Apr-03
Apr-05
May-07
May-09
May-11
May-13
May-15
PurchasingPower
214
100
Gold would have doubled your Purchasing Power

5. 4
0
250
500
750
1,000
1,250
1,500
1,750
Mar-79
Mar-81
Mar-83
Mar-85
Mar-87
Mar-89
Mar-91
Apr-93
Apr-95
Apr-97
Apr-99
Apr-01
Apr-03
Apr-05
May-07
May-09
May-11
May-13
May-15
PurchasingPower
1,567
Equities would have multiplied your Purchasing Power 15x

6. 0
10,000
20,000
30,000
40,000
50,000
Mar-79
Mar-81
Mar-83
Mar-85
Mar-87
Mar-89
Mar-91
Apr-93
Apr-95
Apr-97
Apr-99
Apr-01
Apr-03
Apr-05
May-07
May-09
May-11
May-13
May-15
NominalValue
Sensex Sensex cum Dividend Fixed Deposit Gold
If you had invested Rs100 ...
Over the last 100 years -- >
S&P 500 rose 273x -->
Include dividends, it rose 18,520x!
47,682
27,828
3,808
1,842
5
Key Objectives of Investing: Over 36 years --> 18x Vs 38x Vs 476x

7. Mar-15: Taper
tantrum II (FED
rate hike fear)
Sep-08: US
Government takes
over Fannie Mae and
Freddie Mac
Merrill Lynch sold to
BoA Lehman
Brothers
collapse
May-10: 750b
Euro Stabilization
package to
PIGS
countries
Dec-14:
Rouble
tumbles
Aug-11: S&P
downgrades US
Sovereign
Sep-14:
Brent crude
goes
below
USD100/bbl
Oct-09: Greece
public finance
weakness
revealed
triggering
sovereign debt
crisis
6
Macros: Read, Discussed, Debated Threadbare!
Feb-07: Rising
default rate hits
subprime mortgage
industry in US

8. 5,000
10,000
15,000
20,000
25,000
30,000
Jan-07
Jun-07
Oct-07
Mar-08
Aug-08
Jan-09
Jun-09
Nov-09
Apr-10
Sep-10
Feb-11
Jul-11
Dec-11
May-12
Oct-12
Mar-13
Jul-13
Dec-13
May-14
Oct-14
Mar-15
Sensex Index
Feb-07:
Rising default
rate hits
subprime
mortgage
industry
in US
Oct-09: Greece
public finance
weakness
revealed
triggering
sovereign
debt
crisis
Aug-11:
S&P
downgrades
US Sovereign
Sep-14:
Brent crude
goes below
USD100/bbl
Mar-15:
Taper tantrum II
(FED rate
hike fear)
Dec-14:
Rouble
tumbles
Sep-08: US
Government takes
over Fannie Mae
and Freddie Mac,
Merril Lynch sold to
BoA, Lehman
Brothers
collapse
May-10: 750b
Euro Stabilization
package to PIIGS
countries
7
Macros push you out of Time-in & into TIMING

9. 8
Stocks are SLAVES OF EARNINGS
Knowable
but Unimportant
Important
& Knowable
Unknowable
& Unimportant
Important
But Unknowable
UNIMPORTANT IMPORTANT
KNOWABLE
UNKNOWABLE

10. 1984-2013
 S&P 500 returned 11.1% CAGR
 Avg returns earned by investors in Equity mutual funds was
a paltry 3.7%!!
 Bond Index returned 7.7% CAGR
 Avg returns earned by investors in Bond funds was a paltry
0.7%!!
9
Earnings growth / Stock Returns captured by -->
Time-In & Not Timing, stupid!

11. 10
The most powerful concept of Finance
 The most powerful concept of Finance -> The idea that a $ saved
today will grow to be worth more than a $ tomorrow
 The greatest shortcoming of the human race is our inability to
understand the exponential function
 DID YOU KNOW -> It's hard to believe that $65.7 billion of
Warren Buffett's $66 billion net worth came after his
50th birthday. But it did.

12. He who understands it, earns it…
He who doesn’t…pays it! - Albert Einstein
11
Compound Interest: The Eighth Wonder of World

13. STRATEGY | March 2016 12
INDIAN EQUITIES – TIME IN OR TIMING?
India Macro
 The missing "G" (QLP are in place!)
India Corporate
 The worst is behind
India Valuations
 Quite reasonable
India Flows
 The tide has turned
India Outlook
 Best is ahead

14. STRATEGY | March 2016 13
Macro: On a very strong footing
Government steadfast on the fiscal consolidation roadmap CAD-GDP ruling well within sustainable level of 3%
Comfortable forex reserves built up while allowing INR to
depreciate nominally
Inflation came down to decadal lows; deflationary condition
prevails for the wholesale prices
-2.8 -2.6
-4.2
-4.7
-1.7
-1.4
-0.7 -0.7
FY10
FY11
FY12
FY13
FY14
FY15
FY16E
FY17E
CAD/GDP (%)6.5
4.9
5.9
4.9 4.4
4.1 3.9
3.5
FY10
FY11
FY12
FY13
FY14
FY15
FY16E
FY17E
Fiscal deficit (Centre, %)
12.4
10.5 10.5 10.2 9.5
6.0
4.9
3.5
3.6
9.6 8.9
7.4
6.0
2.0
-2.5
0.3
FY10
FY11
FY12
FY13
FY14
FY15
FY16E
FY17E
CPI Inflation (YoY%) WPI Inflation (YoY%)
279 305 294 293 304 341 351 360
47
46
48
54
60 61
65
67
FY10
FY11
FY12
FY13
FY14
FY15
FY16E
FY17E
Forex reserves INR

15. STRATEGY | March 2016 14
Growth: Is the only missing link
Nominal GDP growth has collapsed Witnessing deflation (nominal GDP near real) first time in four
decades
New projects have dried up, moderate increase in projects
under implementation
Real indicators of volume growth of industrial production
remains weak
15.1
20.2
15.7
13.9 13.3
10.8
8.6
FY10
FY11
FY12
FY13
FY14
FY15
FY16E
Nominal GDP growth (YoY%)
-5
0
5
10
15
20
FY60
FY64
FY68
FY72
FY76
FY80
FY84
FY88
FY92
FY96
FY00
FY04
FY08
FY12
FY16
40 years!
11.0
8.6
12.9
15.5
2.5
5.3
8.2
2.9
1.1
-0.1
2.8 2.7
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16E
IIP (YoY%)
-2500
0
2500
5000
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
Mar-13
Jun-13
Sep-13
Dec-13
Mar-14
Jun-14
Sep-14
Dec-14
Mar-15
Jun-15
Sep-15
Dec-15
New projects
Increase in under implementation projects

16. STRATEGY | March 2016 15
Government: Once in a lifetime leadership change
Government attempting a non-inflationary supply boost while ensuring a safety net
Some more measures in the offingImproving “Doing Business” was a key focus of the
government
Topics DB 2015 Rank DB 2016 Rank
Starting a Business 164 155
Dealing with Construction Permits 184 183
Getting Electricity 99 70
Registering Property 138 138
Getting Credit 36 42
Protecting Minority Investors 8 8
Paying Taxes 156 157
Trading Across Borders 133 133
Enforcing Contracts 178 178
Resolving Insolvency 136 136
21% increase
in capital
outlay in FY17
Budget
Passage of
Real Estate
Regulatory Bill
Key bills in
the offing
include GST,
Bankruptcy
code,
National
Waterways
bill,

17. STRATEGY | March 2016 16
RBI: Has gained credibility globally
Five focus areas of RBI REER tended to appreciate during Rajan's tenure
Expect 100bp cut in policy rates by FY17INR emerged strongest EM currency in 2015
Low inflation
Improved transmission
Stable currency
Financial stability
Clean up of banks 95
100
105
110
115
120
Apr-11
Aug-11
Dec-11
Apr-12
Aug-12
Dec-12
Apr-13
Aug-13
Dec-13
Apr-14
Aug-14
Dec-14
Apr-15
Aug-15
Dec-15
REER
Dr. Rajan
assumes office
8.00
7.25
8.00
7.75
7.25
6.75
5.75
4
6
8
10
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Jan-17
Mar-17
Repo Rate
-4.4 -4.6
-7.1
-9.5 -9.9
-22.8
-25.0
-34.2
INR
CNY
SGD
THB
IDR
MYR
RUB
ZAR
2015

18. STRATEGY | March 2016 17
Global & Domestic cyclicals: Earnings collapse
PAT (INR b)
85% fall
from peak
58% fall
from peak
48% fall
from peak
33% fall from
peak

19. STRATEGY | March 2016 18
But, diversity of corporate India has come to rescue
PAT (INR b)
230% rise
164% rise
130% rise
214% rise

20. STRATEGY | March 2016 19
Share of global cyclicals decline to a new low
PAT share down to multi-year low
Defensive includes Consumer, Healthcare, Technology, Telecom and Utilities
Global cyclicals includes Metals, Oil & Gas and JLR
Domestic cyclicals includes Automobiles, Banks, Capital Goods, Cement, Media, NBFCs, Real Estate and Retail
36 40 38 36 33 37 37 36 35 37 38 32
42
36 25 26
38 43 37 36
34 31 28 24
25 19
28 24 25 25 30 34 35
39
45
40
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Mar-08
June-08
Sep-08
Dec-08
Mar-09
June-09
Sep-09
Dec-09
Mar-10
June-10
Sep-10
Dec-10
Mar-11
June-11
Sep-11
Dec-11
Mar-12
June-12
Sep-12
Dec-12
Mar-13
June-13
Sep-13
Dec-13
Mar-14
June-14
Sep-14
Dec-14
Mar-15
June-15
Sep-15
Dec-15
Mar-16E
Defensives
Global cyclicals
Domestic cyclicals

21. STRATEGY | March 2016 20
Corporate Profit to GDP has halved
Corporate Profit to GDP (%)
4.7
5.4
6.2
7.3
7.8
5.5 6.5
6.2
4.9
4.6
4.3
4.0
3.9
FY04
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16E
Average
of 5.5%

22. STRATEGY | March 2016 21
And Corporate profitability has collapsed
16.3 16.3 16.4
17.2
16.1
14.3
14.8 14.6
13.1
12.5
11.9
11.6 11.0
FY04
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16E
Corporate PAT Margin (%)
Average :
14.3%

23. STRATEGY | March 2016
26 23
42
52
82 83
103
55
95
88
71
64
66
81
68
FY02
FY03
FY04
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16E
Average of 66% for
the period
22
Markets valuations below averages, on lowest margins
Sensex P/E (x) Sensex P/B (x)
Market Cap to GDP (%)Trend in India's contribution to world market cap (%)
4.2
1.6
2.5
1.5
2.2
2.9
3.6
4.3
Mar-06
Mar-07
Mar-08
Mar-09
Mar-10
Mar-11
Mar-12
Mar-13
Mar-14
Mar-15
Mar-16
10 Year Avg: 2.7x
24.6
10.7
15.8
9
13
17
21
25
Mar-06
Mar-07
Mar-08
Mar-09
Mar-10
Mar-11
Mar-12
Mar-13
Mar-14
Mar-15
Mar-16
10 Year Avg: 16.7x
3.0
3.3
1.6
2.2
0.75
1.50
2.25
3.00
3.75
Feb-06
Aug-06
Jan-07
Jun-07
Nov-07
Apr-08
Oct-08
Mar-09
Aug-09
Jan-10
Jun-10
Dec-10
May-11
Oct-11
Mar-12
Aug-12
Jan-13
Jul-13
Dec-13
May-14
Oct-14
Mar-15
Sep-15
Feb-16
India's Contribution to World Mcap (%)
Average of2.3%

24. STRATEGY | March 2016 23
What drove FII selling: Downgrades + Valuation + Overweight
Trend in Sensex EPS Revision FY14 Trend in Sensex EPS Revision FY15
Trend in Sensex EPS Revision FY16
11% downgrade
1,766
1,793
1,836
1,854
1,875
1,866
1,761
1,698
1,662
1,605
1,561
1,515
1,471
1,435
1,366
1,332
16.3
17.5
20.5 21.0 21.4 22.1 19.9 19.7 18.4 18.5
15.3
11.9
8.7
6.0
0.9
-1.6
Dec
13
Mar
14
June
14
Aug
14
Sep
14
Nov
14
Dec
14
Feb
15
Mar
15
May
15
June
15
Aug
15
Sep
15
Nov
15
Dec
15
Feb
16
FY16 EPS (INR) FY16 EPS Growth YoY (%)
24% downgrade
MSCI India v/s EM P/E premium/Discount (%)
84
0
25
50
75
100
125
Feb-06
Aug-06
Feb-07
Aug-07
Feb-08
Aug-08
Feb-09
Aug-09
Feb-10
Aug-10
Feb-11
Aug-11
Feb-12
Aug-12
Feb-13
Aug-13
Feb-14
Aug-14
Feb-15
Aug-15
Feb-16
MSCI India Vs EM PE Premium (%)
Average of 58%

25. STRATEGY | March 2016 24
Crystal ball gazing the Future
Short term hazy, Long term clear

26. STRATEGY | March 2016 25
Case for India emerging as an asset class22
34
59
155
301
465
475
494
524
618
721
834
948
1,239
1,226
1,366
1,708
1,879
1,828
1,864
2,042
2,074
2,249
2,453
2,702
2,976
3,278
3,611
3,977
FY51
FY60
FY70
FY80
FY90
FY00
FY01
FY02
FY03
FY04
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16E
FY17E
FY18E
FY19E
FY20E
FY21E
FY22E
FY23E
1st US$ tn
2nd US$ tn
7 years
58 years
3rd US$ tn
4th US$ tn
3 years
5 years
The NextTrillionDollar opportunity
IndiaGDP trend(USD B)
FY51-08: 7.3% CAGR
FY08-15: 7.4% CAGR
Top 10 GDP countries
Rank Country
Dec 2015
GDP (USD
b)
1 United States 17,968
2 China 11,385
3 Japan 4,116
4 Germany 3,371
5 United Kingdom 2,865
6 France 2,423
7 India 2,183
8 Italy 1,819
9 Brazil 1,800
10 Canada 1,573
India GDP (USD b)

27. STRATEGY | March 2016 26
Domestic buying would dwarf FII flows
Trend in DII Flows (USDb)
0.3 0.1
3.2
6.4
17.7
13.1
5.1
-4.1
-0.9
-12.7
-8.9
-3.7
13.7
11.8 13.3 14.9
16.7
0.4 0.2 3.3 6.0 12.3 10.5 3.1 -2.4 -0.7 -9.7 -6.6 -2.3 7.9 6.0 6.0 6.0 6.0
FY04
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16E
FY17E
FY18E
FY19E
FY20E
DII Flows (USD b) DII as % to Financial Savings
USD28b
Avg DII/FSof 4.4%
USD-12b
Avg DII/FSof 1.2%
DII as % to Financial Savings

28. STRATEGY | March 2016 27
Sub-par earnings growth for 8 years now
Sensex EPS: Rebound in FY16-18 with 19% CAGR Versus 6% CAGR during FY08-16
81
129
181
250 266 291 278 280
216 236 272
361
446
540
720 833 820 834
1,024
1,120
1,182
1,338 1,354
1,332
1,550
1,890
FY93
FY94
FY95
FY96
FY97
FY98
FY99
FY00
FY01
FY02
FY03
FY04
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16E
FY17E
FY18E
FY93-96: 45%
CAGR
FY96-03:
1% CAGR
FY03-08:
25% CAGR
FY08-16:
6% CAGR
FY16-18E:
19% CAGR
FY93-FY15:
14% CAGR

29. STRATEGY | March 2016 28
Corporate Profit to GDP has hit the bottom
4.7
5.4
6.2
7.3
7.8
5.5
6.5
6.2
4.9
4.6
4.3
4.0
3.9
4.3
4.7
5.1
5.5
4.6
5.2
5.9
6.6
3.0
4.0
5.0
6.0
7.0
8.0
FY04
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16E
FY17E
FY18E
FY19E
FY20E
Corp Profit to GDP (%) Average Average Plus
Corporate Profit to GDP
Average: 5.5%
Average Plus: 6.6%
High:7.8%

30. STRATEGY | March 2016 29
REVERSION TO MEAN = 24% EPS CAGR
Note: Nominal GDP Growth & Sales Growth estimate of 11-12% in FY17-FY20
361
446
540
720
833
820
834
1,024
1,120
1,182
1,338
1,354
1,332
1,672
2,081
2,572
3,159
1,823
2,443
3,222
4,195
0
900
1,800
2,700
3,600
4,500
FY04
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16E
FY17E
FY18E
FY19E
FY20E
Sensex EPS (INR) Average Average Plus
24% CAGR
33% CAGR

31. STRATEGY | March 2016 30
And stocks are slaves of earnings!
Sensex Index
5,591
6,493
11,280
13,072
15,644
9,709
17,528
19,445
17,404
18,836
22,386
27,957
24,804
30,658
37,563
45,686
55,215
34,232
46,252
61,490
80,716
5,000
25,000
45,000
65,000
85,000
FY04
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16E
FY17E
FY18E
FY19E
FY20E
Average Average Plus
22% CAGR
34% CAGR
39% CAGR
6% CAGR
Trailing PE
Average: 17.5x
Average Plus: 19.2x
High:25.2x

32. STRATEGY | March 2016 31
Corporate Profit Margins have hit the bottom
Note: Nominal GDP Growth & Sales Growth estimate of 11-12% in FY17-FY20
16.3 16.3 16.4
17.2
16.1
14.3
14.8
14.6
13.1
12.5
11.9
11.6
11.0
11.8
12.7
13.5
14.3
12.2
13.4
14.6
15.7
8.0
11.0
14.0
17.0
20.0
FY04
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16E
FY17E
FY18E
FY19E
FY20E
Corporate PAT Margin (%)
Corporate PAT Margin
Average: 14.3%
Average Plus: 15.7%
High:17.2%

33. STRATEGY | March 2016 32
REVERSION TO MEAN = 25% EPS CAGR
361
446
540
720
833
820
834
1,024
1,120
1,182
1,338
1,354
1,332
1,670
2,084
2,590
3,206
1,870
2,600
3,587
4,916
0
1,000
2,000
3,000
4,000
5,000 FY04
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16E
FY17E
FY18E
FY19E
FY20E
Sensex EPS (INR) Average Average Plus
25% CAGR
39% CAGR

34. STRATEGY | March 2016 33
And stocks are slaves of earnings!
5,591
6,493
11,280
13,072
15,644
9,709
17,528
19,445
17,404
18,836
22,386
27,957
24,804
30,628
37,624
46,009
56,036
35,111
49,227
68,471
94,598
5,000
25,000
45,000
65,000
85,000
105,000 FY04
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16E
FY17E
FY18E
FY19E
FY20E
Average Average Plus
23% CAGR
40% CAGR
39% CAGR
6% CAGR
Trailing PE
Average: 17.5x
Average Plus: 19.2x
High:25.2x

35. STRATEGY | March 2016 34
Applied to Nifty, results are similar
Corporate Profit to GDP (%) Scenarios of Nifty EPS
Scenarios of Indian Markets - Nifty
4.7
5.4
6.2
7.3 7.8
5.5
6.5
6.2
4.9
4.6
4.3
4.0
3.9
4.3
4.7
5.1
5.5
4.6
5.2
5.9
6.6
FY04
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16E
FY17E
FY18E
FY19E
FY20E
Corp Profit to GDP (%) Average Average Plus
Corporate Profit to GDP
Average: 5.5%
Average Plus: 6.6%
High:7.8%
131
169
184
236
281
251
247
315
347
365
401
410
394
495
616
761
935
539
723
953
1,241
FY04
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16E
FY17E
FY18E
FY19E
FY20E
Nifty EPS (INR) Average Average Plus
24% CAGR
33%
CAGR
1,772
2,036
3,403
3,822
4,735
3,021
5,249
5,834
5,296
5,683
6,704
8,491
7,539
9,624
11,597
13,859
16,444
11,121
14,874
19,576
25,440
FY04
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16E
FY17E
FY18E
FY19E
FY20E
Average Average Plus
22% CAGR
36% CAGR
37% CAGR
6% CAGR

36. STRATEGY | March 2016 35
Applied to Nifty, results are similar
Corporate PAT Margin (%) Scenarios of Nifty EPS
Scenarios of Indian Markets - Nifty
16.3
16.3
16.4
17.2
16.1
14.3
14.8
14.6
13.1
12.5
11.9
11.6
11.0
11.8
12.7
13.5
14.3
12.0
13.1
14.1
15.2
FY04
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16E
FY17E
FY18E
FY19E
FY20E
Corporate PAT Margin (%)
Corporate PAT Margin
Average: 14.3%
Average Plus: 15.7%
High:17.2%
131
169
184
236
281
251
247
315
347
365
401
410
394
494
617
766
949
547
753
1,030
1,401
FY04
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16E
FY17E
FY18E
FY19E
FY20E
Nifty EPS (INR) Average Average Plus
25% CAGR
37% CAGR
1,772
2,036
3,403
3,822
4,735
3,021
5,249
5,834
5,296
5,683
6,704
8,491
7,539
9,615
11,615
13,957
16,688
11,270
15,486
21,144
28,712
FY04
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16E
FY17E
FY18E
FY19E
FY20E
Average Average Plus
22% CAGR
40% CAGR
37% CAGR
6% CAGR

37. STRATEGY | March 2016
Indian Markets: Up 100x in 30 years
36

38. STRATEGY | March 2016
March 2016
Indian Equities – Time-In or Timing?
Thank You

39. STRATEGY | March 2016 38
DISCLOSURE
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