We expect net profits of the Kotak Institutional Equities (KIE) universe to increase 15.3% y-o-y, led by sharp increase in profits of downstream oil companies. We expect y-o-y growth in net income of automobile, cement, consumer products and industrials sectors. We see the banking sector dragging overall earnings as companies in the sector are likely to make high provisions for bad loans. We expect net profit of the BSE-30 Index to grow 4% y-o-y. Excluding banking companies, we expect net income to grow 9.8% y-o-y. We have prepared our estimates under Ind-AS, though Q2FY16 results are under I-GAAP. We calculate BSE-30 Index’s FY2017e ‘EPS’ at R1,479 and FY2018e ‘EPS’ at R1,792. Our Nifty Index EPS estimates for FY2017e and FY2018e are R446 and R539.