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1. w w w. r b s a . i n
ANALYSIS
Q1 FY 2019 RESULTS
SECTORIAL
2018
SEPTEMBER

2. 3
1
2
Overview Page No. 3
Sector Wise
Performance
Analysis
Page No. 5
Sectorial
Summary
Page No. 21
Table of Contents
Q1 FY 2019 Results - Sectorial Analysis 02.

3. OVERVIEW
Q1 FY 2019 RESULTS
PERFORMANCE
Q1 FY 2019 Results - Sectorial Analysis 03.

4. Performance Overview
Amid various global animosities, Indian economy is on growth track. However rise in crude oil prices,
trade wars and protectionism in last few months have been causes of concern for emerging countries
like India.
ICRA expects the current account deficit to widen to $16-17bn or 2.5% of GDP in Q1 FY 2019, from
$15bn in Q1 FY 2018, with contraction in the net imports of precious metals and stones inadequate to
stem the outflow related to higher crude oil prices.
However, Indian companies improved their financial performance in the Q1 FY 2019 as corporates have
reported strong set of numbers on an overall basis. Year-on-year growth in net sales, operating profit
and adjusted net profit of 90 top companies at 18.7 per cent, 29 per cent and 25.4 per cent have been
the highest in eight quarters.
The good performance has been led by a favourable base effect due to Q1 2018 being disrupted by
GST and by sectors such as financial services (including banks) and metals.
In Q1 FY 2019 Corporate Governance came under spotlight with Auditors of many Companies
resigning leading to mass destruction of Investor’s Wealth.
However with Disruptions of GST and Demonetization behind us and expectations of good monsoon
and pickup in rural demand India's growth story still remains intact.
Q1 FY 2019
Q1 FY 2019 Results - Sectorial Analysis 04.

5. Q1 FY 2019 Results - Sectorial Analysis 05.
PERFORMANCE ANALYSIS
Q1 FY 2019
SECTOR WISE

6. Q1 FY 2019 Results - Sectorial Analysis 06.
Companies Forming Part of
S&P BSE IT Index
Q1 FY 2019
13.02% 12.95%
2.86%
13.87%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
16.00%
0
20000
40000
60000
80000
100000
120000
Q1 15 Q1 16 Q1 17 Q1 18 Q1 19
Revenue (INR in Cr) Revnue Growth Rate
23.56%
22.38%
22.04%
21.17%
21.59%
19.50%
20.00%
20.50%
21.00%
21.50%
22.00%
22.50%
23.00%
23.50%
24.00%
0
5000
10000
15000
20000
25000
30000
Q1 15 Q1 16 Q1 17 Q1 18 Q1 19
EBIDTA (INR in Cr) EBIDITA MARGINS
19.29%
17.41%
17.07%
16.48% 16.49%
15.00%
15.50%
16.00%
16.50%
17.00%
17.50%
18.00%
18.50%
19.00%
19.50%
20.00%
0
2000
4000
6000
8000
10000
12000
14000
16000
18000
20000
Q1 15 Q1 16 Q1 17 Q1 18 Q1 19
PAT (INR in Cr) PAT MARGINS
13920.07
9833.46
11199.95
10449.45
9346.1
8000
9000
10000
11000
12000
13000
14000
15000
Q1 19Q1 18Q1 17Q1 16Q1 15
S&P BSE ITINDEX
S&P BSE IT INDEX

7. Q1 FY 2019 Results - Sectorial Analysis 07.
Q1 FY 2019
Companies Forming Part of
S&P BSE Capital Goods Index
-7.01%
6.83%
11.27%
17.90%
-10.00%
-5.00%
0.00%
5.00%
10.00%
15.00%
20.00%
0
10000
20000
30000
40000
50000
60000
70000
Q1 15 Q1 16 Q1 17 Q1 18 Q1 19
Revenue (INR in Cr) Revnue Growth Rate
8.51%
7.00%
9.72%
11.21%
15.20%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
16.00%
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
10000
Q1 15 Q1 16 Q1 17 Q1 18 Q1 19
EBIDTA (INR in Cr) EBIDITA MARGINS
2.36%
5.26%
2.44%
4.19%
6.41%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
0
500
1000
1500
2000
2500
3000
3500
4000
4500
Q1 15 Q1 16 Q1 17 Q1 18 Q1 19
PAT (INR in Cr) PAT MARGINS
17488.15
17075.94
14874.79
17517.9
16200.21
14500
15000
15500
16000
16500
17000
17500
18000
Q1 19Q1 18Q1 17Q1 16Q1 15
S&P BSE Capital Goods Index
S&P BSE Capital Goods Index

8. Q1 FY 2019 Results - Sectorial Analysis 08.
Q1 FY 2019
Companies Forming Part of
S&P BSE FMCG Index
2.02%
5.13%
2.68%
4.64%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
50000
52000
54000
56000
58000
60000
62000
64000
Q1 15 Q1 16 Q1 17 Q1 18 Q1 19
Revenue (INR in Cr) Revnue Growth Rate
16.13% 15.36%
18.41% 17.89%
19.31%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
0
2000
4000
6000
8000
10000
12000
14000
Q1 15 Q1 16 Q1 17 Q1 18 Q1 19
EBIDTA (INR in Cr) EBIDITA MARGINS
9.42%
8.38%
11.32% 10.90%
11.98%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
0
1000
2000
3000
4000
5000
6000
7000
8000
Q1 15 Q1 16 Q1 17 Q1 18 Q1 19
PAT (INR in Cr) PAT MARGINS
11213.28
10428.17
8452.76
7789.06
6676.19
6000
7000
8000
9000
10000
11000
12000
Q1 19Q1 18Q1 17Q1 16Q1 15
S&P BSE FMCG Index
S&P BSE FMCG Index

9. Q1 FY 2019 Results - Sectorial Analysis 09.
Q1 FY 2019
Companies Forming Part of
S&P BSE Healthcare Index
10.45% 9.48%
-5.71%
16.50%
-10.00%
-5.00%
0.00%
5.00%
10.00%
15.00%
20.00%
0
10000
20000
30000
40000
50000
60000
Q1 15 Q1 16 Q1 17 Q1 18 Q1 19
Revenue (INR in Cr) Revnue Growth Rate
21.16%
22.24%
23.75%
15.20%
19.61%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
0
2000
4000
6000
8000
10000
12000
Q1 15 Q1 16 Q1 17 Q1 18 Q1 19
EBIDTA (INR in Cr) EBIDITA MARGINS
20.06%
13.97%
15.16%
6.10%
10.09%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
Q1 15 Q1 16 Q1 17 Q1 18 Q1 19
PAT (INR in Cr) PAT MARGINS
14003.6414190.58
15493
16564.32
11462.23
10000
11000
12000
13000
14000
15000
16000
17000
Q1 19Q1 18Q1 17Q1 16Q1 15
S&P BSE Healthcare Index
S&P BSE Healthcare Index

10. Q1 FY 2019 Results - Sectorial Analysis 10.
Q1 FY 2019
Companies Forming Part of
S&P BSE Auto Index
-1.85%
10.60%
0.80%
18.78%
-5.00%
0.00%
5.00%
10.00%
15.00%
20.00%
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
Q1 15 Q1 16 Q1 17 Q1 18 Q1 19
Revenue (INR in Cr) Revnue Growth Rate
15.22%
16.92%
13.50%
11.23% 11.33%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
16.00%
18.00%
0
5000
10000
15000
20000
25000
Q1 15 Q1 16 Q1 17 Q1 18 Q1 19
EBIDTA (INR in Cr) EBIDITA MARGINS
8.00%
9.42%
7.02% 6.96%
4.18%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
9.00%
10.00%
0
2000
4000
6000
8000
10000
12000
14000
Q1 15 Q1 16 Q1 17 Q1 18 Q1 19
PAT (INR in Cr) PAT MARGINS
23838.323408.17
19744.64
18712.17
15249.29
14000
16000
18000
20000
22000
24000
26000
Q1 19Q1 18Q1 17Q1 16Q1 15
S&P BSE Auto Index
S&P BSE Auto Index

11. Q1 FY 2019 Results - Sectorial Analysis 11.
Q1 FY 2019
Companies Forming Part of
S&P BSE Consumer Durables Index
43.60%
188.96%
-9.14% -8.70%
-50.00%
0.00%
50.00%
100.00%
150.00%
200.00%
0
10000
20000
30000
40000
50000
60000
70000
80000
Q1 15 Q1 16 Q1 17 Q1 18 Q1 19
Revenue (INR in Cr) Revnue Growth Rate
6.77%
5.21%
2.01%
2.69%
3.63%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
0
500
1000
1500
2000
2500
Q1 15 Q1 16 Q1 17 Q1 18 Q1 19
EBIDTA (INR in Cr) EBIDITA MARGINS
4.09%
3.54%
1.35%
2.05%
2.51%
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
4.50%
0
200
400
600
800
1000
1200
1400
1600
Q1 15 Q1 16 Q1 17 Q1 18 Q1 19
PAT (INR in Cr) PAT MARGINS
20206.69
16012.71
11973.11
10745.62
8870.04
6000
8000
10000
12000
14000
16000
18000
20000
22000
Q1 19Q1 18Q1 17Q1 16Q1 15
S&P BSE Consumer Durables Index
S&P BSE Consumer Durables Index

12. Q1 FY 2019 Results - Sectorial Analysis 12.
Q1 FY 2019
Companies Forming Part of
S&P BSE Power Index
-4.55%
4.97% 5.17%
4.21%
-6.00%
-4.00%
-2.00%
0.00%
2.00%
4.00%
6.00%
62000
64000
66000
68000
70000
72000
74000
76000
78000
80000
Q1 15 Q1 16 Q1 17 Q1 18 Q1 19
Revenue (INR in Cr) Revnue Growth Rate
21.14%
24.34%
27.51%
28.88%
27.64%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
0
5000
10000
15000
20000
25000
Q1 15 Q1 16 Q1 17 Q1 18 Q1 19
EBIDTA (INR in Cr) EBIDITA MARGINS
5.02%
9.60%
7.95%
8.82% 9.05%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
0
1000
2000
3000
4000
5000
6000
7000
8000
Q1 15 Q1 16 Q1 17 Q1 18 Q1 19
PAT (INR in Cr) PAT MARGINS
13920.07
9833.46
11199.95
10449.45
9346.1
8000
9000
10000
11000
12000
13000
14000
15000
Q1 19Q1 18Q1 17Q1 16Q1 15
S&P BSE Power Index
S&P BSE Power Index

13. Q1 FY 2019 Results - Sectorial Analysis 13.
Q1 FY 2019
Companies Forming Part of
S&P BSE Realty Index
16.76%
0.39%
-1.55%
5.40%
-5.00%
0.00%
5.00%
10.00%
15.00%
20.00%
0
1000
2000
3000
4000
5000
6000
7000
Q1 15 Q1 16 Q1 17 Q1 18 Q1 19
Revenue (INR in Cr) Revnue Growth Rate
39.44%
33.75% 34.08%
36.17%
28.47%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
40.00%
45.00%
0
500
1000
1500
2000
2500
Q1 15 Q1 16 Q1 17 Q1 18 Q1 19
EBIDTA (INR in Cr) EBIDITA MARGINS
14.07%
10.45%
14.68%
10.97%
15.06%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
16.00%
0
100
200
300
400
500
600
700
800
900
1000
Q1 15 Q1 16 Q1 17 Q1 18 Q1 19
PAT (INR in Cr) PAT MARGINS
2073.372043.23
1532.82
1413.26
2077.13
1200
1400
1600
1800
2000
2200
Q1 19Q1 18Q1 17Q1 16Q1 15
S&P BSE Realty Index
S&P BSE Realty Index

14. Q1 FY 2019 Results - Sectorial Analysis 14.
Q1 FY 2019
Companies Forming Part of
S&P BSE Energy Index
-18.78%
-14.91%
20.41%
32.93%
-30.00%
-20.00%
-10.00%
0.00%
10.00%
20.00%
30.00%
40.00%
0
100000
200000
300000
400000
500000
600000
Q1 15 Q1 16 Q1 17 Q1 18 Q1 19
Revenue (INR in Cr) Revnue Growth Rate
7.04%
13.12%
16.30%
10.65%
13.17%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
16.00%
18.00%
0
10000
20000
30000
40000
50000
60000
70000
Q1 15 Q1 16 Q1 17 Q1 18 Q1 19
EBIDTA (INR in Cr) EBIDITA MARGINS
4.66%
7.90%
9.76%
6.26% 6.63%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
0
5000
10000
15000
20000
25000
30000
35000
Q1 15 Q1 16 Q1 17 Q1 18 Q1 19
PAT (INR in Cr) PAT MARGINS
2073.372043.23
1532.82
1413.26
2077.13
1200
1400
1600
1800
2000
2200
Q1 19Q1 18Q1 17Q1 16Q1 15
S&P BSE Realty Index
S&P BSE Realty Index

15. Q1 FY 2019 Results - Sectorial Analysis 15.
Q1 FY 2019
Companies Forming Part of
S&P BSE Finance Index
9.09%
2.97% 2.68%
11.21%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
0
50000
100000
150000
200000
250000
300000
350000
Q1 15 Q1 16 Q1 17 Q1 18 Q1 19
Revenue (INR in Cr) Revnue Growth Rate
69.23% 68.30%
56.69% 54.91%
45.92%
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
80.00%
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
200000
Q1 15 Q1 16 Q1 17 Q1 18 Q1 19
EBIDTA (INR in Cr) EBIDITA MARGINS
10.62%
9.57%
5.71%
6.86%
1.33%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
0
5000
10000
15000
20000
25000
30000
Q1 15 Q1 16 Q1 17 Q1 18 Q1 19
PAT (INR in Cr) PAT MARGINS
5890.24
5280.94
3992.724017.11
3430.07
3000
3500
4000
4500
5000
5500
6000
6500
Q1 19Q1 18Q1 17Q1 16Q1 15
S&P BSE Finance Index
S&P BSE Finance Index

16. Q1 FY 2019 Results - Sectorial Analysis 16.
Q1 FY 2019
Companies Forming Part of
S&P BSE Telecom Index
1.68%
3.97%
-16.65%
-11.92%
-20.00%
-15.00%
-10.00%
-5.00%
0.00%
5.00%
10.00%
0
10000
20000
30000
40000
50000
60000
Q1 15 Q1 16 Q1 17 Q1 18 Q1 19
Revenue (INR in Cr) Revnue Growth Rate
29.31%
30.46% 30.51%
24.94%
22.42%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
0
2000
4000
6000
8000
10000
12000
14000
16000
Q1 15 Q1 16 Q1 17 Q1 18 Q1 19
EBIDTA (INR in Cr) EBIDITA MARGINS
2.84%
5.60%
3.46%
-4.21%
-1.14%
-6.00%
-4.00%
-2.00%
0.00%
2.00%
4.00%
6.00%
8.00%
-2000
-1500
-1000
-500
0
500
1000
1500
2000
2500
3000
Q1 15 Q1 16 Q1 17 Q1 18 Q1 19
PAT (INR in Cr) PAT MARGINS
1185.39
1305.011301.77
1589.55
1358.79
1100
1200
1300
1400
1500
1600
1700
Q1 19Q1 18Q1 17Q1 16Q1 15
S&P BSE TelecomIndex
S&P BSE Telecom Index

17. Q1 FY 2019 Results - Sectorial Analysis 17.
Q1 FY 2019
Companies Forming Part of
S&P BSE Manufacturing Index
-12.59%
-2.16%
12.89%
27.36%
-15.00%
-10.00%
-5.00%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
0
100000
200000
300000
400000
500000
600000
700000
Q1 15 Q1 16 Q1 17 Q1 18 Q1 19
Revenue (INR in Cr) Revnue Growth Rate
10.78%
13.54%
14.54%
12.43%
13.88%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
16.00%
0
10000
20000
30000
40000
50000
60000
70000
80000
90000
Q1 15 Q1 16 Q1 17 Q1 18 Q1 19
EBIDTA (INR in Cr) EBIDITA MARGINS
5.51%
6.66%
7.25%
6.85%
6.24%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
0
5000
10000
15000
20000
25000
30000
35000
40000
Q1 15 Q1 16 Q1 17 Q1 18 Q1 19
PAT (INR in Cr) PAT MARGINS
437.08
412.53
360.14358.78
330
350
370
390
410
430
450
Q1 19Q1 18Q1 17Q1 16Q1 15
S&P BSE India Manufacturing Index
S&P BSE India Manufacturing Index

18. Q1 FY 2019 Results - Sectorial Analysis 18.
Q1 FY 2019
Companies Forming Part of
S&P BSE India Infrastructure Index
1.53%
-0.98%
8.38%
20.02%
-5.00%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
0
20000
40000
60000
80000
100000
120000
140000
160000
Q1 15 Q1 16 Q1 17 Q1 18 Q1 19
Revenue (INR in Cr) Revnue Growth Rate
26.11%
27.66%
30.12%
30.82%
29.94%
23.00%
24.00%
25.00%
26.00%
27.00%
28.00%
29.00%
30.00%
31.00%
32.00%
0
5000
10000
15000
20000
25000
30000
35000
40000
45000
50000
Q1 15 Q1 16 Q1 17 Q1 18 Q1 19
EBIDTA (INR in Cr) EBIDITA MARGINS
11.80%
12.04%
12.28%
12.77%
12.58%
11.20%
11.40%
11.60%
11.80%
12.00%
12.20%
12.40%
12.60%
12.80%
13.00%
0
2000
4000
6000
8000
10000
12000
14000
16000
18000
20000
Q1 15 Q1 16 Q1 17 Q1 18 Q1 19
PAT (INR in Cr) PAT MARGINS
204.82
213.72
162.55
181.45179.48
150
160
170
180
190
200
210
220
Q1 19Q1 18Q1 17Q1 16Q1 15
S&P BSE India Infrastructure Index
S&P BSE India Infrastructure Index

19. Q1 FY 2019 Results - Sectorial Analysis 19.
Q1 FY 2019
Companies Forming Part of
S&P BSE India Infrastructure Index
-11.17%
-6.89%
22.13%
27.18%
-15.00%
-10.00%
-5.00%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
0
20000
40000
60000
80000
100000
120000
140000
160000
Q1 15 Q1 16 Q1 17 Q1 18 Q1 19
Revenue (INR in Cr) Revnue Growth Rate
18.21%
17.25%
15.16%
18.61%
23.02%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
0
5000
10000
15000
20000
25000
30000
35000
40000
Q1 15 Q1 16 Q1 17 Q1 18 Q1 19
EBIDTA (INR in Cr) EBIDITA MARGINS
9.04%
6.36%
2.86%
6.99%
10.04%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
0
2000
4000
6000
8000
10000
12000
14000
16000
Q1 15 Q1 16 Q1 17 Q1 18 Q1 19
PAT (INR in Cr) PAT MARGINS
13064.49
11374.12
8519.69
9335.29
13099.95
8000
9000
10000
11000
12000
13000
14000
Q1 19Q1 18Q1 17Q1 16Q1 15
S&P BSE Metal Index
S&P BSE Metal Index

20. Q1 FY 2019 Results - Sectorial Analysis 20.
Q1 FY 2019
Companies Forming Part of
S&P BSE Bankex
11.66%
5.53%
4.53%
12.51%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
Q1 15 Q1 16 Q1 17 Q1 18 Q1 19
Revenue (INR in Cr) Revnue Growth Rate
63.72% 64.17%
52.39% 52.95%
42.60%
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
0
10000
20000
30000
40000
50000
60000
70000
80000
90000
Q1 15 Q1 16 Q1 17 Q1 18 Q1 19
EBIDTA (INR in Cr) EBIDITA MARGINS
13.70%
12.53%
8.55%
10.15%
2.97%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
16.00%
0
2000
4000
6000
8000
10000
12000
14000
16000
18000
Q1 15 Q1 16 Q1 17 Q1 18 Q1 19
PAT (INR in Cr) PAT MARGINS
29250.56
26277.96
20531.220982.18
17475.08
16000
18000
20000
22000
24000
26000
28000
30000
Q1 19Q1 18Q1 17Q1 16Q1 15
S&P BSE BANKEX
S&P BSE BANKEX

21. Q1 FY 2019 Results - Sectorial Analysis 21.
SUMMRY
Q1 FY 2019 RESULTS
SECTORIAL

22. 5 Year June Quarter
Compounded Growth Rate Analysis
Sr. No INDEX Index CAGR Revenue CAGR EBIDTA CAGR PAT CAGR
1 S&P BSE IT Index 10.47% 10.58% 8.20% 6.33%
2 S&P BSE Capital Goods Index 1.93% 6.84% 23.51% 37.15%
3 S&P BSE FMCG Index 13.84% 3.61% 8.37% 10.04%
4 S&P BSE Healthcare Index 5.13% 7.36% 5.33% -9.59%
5 S&P BSE Auto Index 11.82% 6.77% -0.82% -9.21%
6 S&P BSE Consumer Durables Index 22.85% 36.21% 16.52% 20.63%
7 S&P BSE Power Index 10.47% 2.37% 9.47% 18.65%
8 S&P BSE Realty Index -0.05% 5.02% -3.20% 6.82%
9 S&P BSE Energy Index 8.25% 2.55% 19.92% 12.04%
10 S&P BSE Finance Index 14.47% 6.42% -3.96% -36.70%
11 S&P BSE Telecom Index -3.36% -6.14% -12.23% loss
12 S&P BSE India Manufacturing Index 6.73% 5.30% 12.16% 8.62%
13 S&P BSE India Infrastructure Index 3.36% 6.94% 10.66% 8.68%
14 S&P BSE Metal Index -0.07% 6.46% 12.90% 9.29%
15 S&P BSE BANKEX 13.74% 8.50% -1.89% -25.95%
Mean 7.97% 7.25% 7.00% 4.06%
Q1 FY 2019 Results - Sectorial Analysis 22.

23. Q1 FY 2019 Results - Sectorial Analysis 23.
Background Note
for our Analysis
For purpose of calculating Revenues, Profit, EBIDTA; we have used June Quarter Financial Results of
Companies forming part of BSE Index for the sectors under our study.
We have used Consolidated Results where Companies have announced the same and in other cases we
have used standalone Financial Results.
Sector specific Index Charts have been drawn on basis of respective Index closing as on 30th June for
5 quarters under study.
Financial Data has been collected from Sources such as Capital line Database, Bombay Stock Exchange
announcements section and historical prices archives, Company’s Websites etc.
Our Study covers a total of 380 companies, divided in 15 sectors.
Q1 FY 2019

24. Management
India Offices
Rajeev R. Shah
Managing Director & CEO
+91 79 4050 6070
rajeev@rbsa.in
Mumbai Office
21-23, T.V.Industrial Estate,
248-A, S.K. Ahire Marg,
Off. Dr. A. B. Road,
Worli, Mumbai – 400 030
Tel: +91 22 6130 6000
Fax: +91 22 6130 6001
Delhi Office
9 C, Hansalaya Building,
15, Barakhambha Road,
Connaught place,
New Delhi – 110 001, INDIA.
Tel: +91 11 2335 0635
+91 11 2335 0637 / 68
Bangalore Office
Unit no. 104, 1st Floor,
Sufiya Elite, # 18,
Cunningham Road,
Near Sigma Mall,
Bangalore – 560 052
Tel: +91 80 4112 8593
+91 97435 50600
Ahmedabad Office
912, Venus Atlantis Corporate Park,
Anand Nagar Road,
Prahaladnagar,
Ahmedabad – 380 015
Tel: +91 79 4050 6000
Fax: +91 79 4050 6001
Kolkata Office
9th
Floor, KAHM Tower,
13, Nellie Sengupta Sarani,
Kolkata – 700 087
Tel: + 91 97243 44446
Global Offices
Singapore Office
105 Cecil Street,
# 18-00 The Octagon,
Singapore – 069534
Tel: +65 8589 4891
Email: singapore@rbsa.in
Dubai Office
2001-01, Level 20,
48 Burj Gate Tower,
Sheikh Zayed Road,
Downtown, PO Box 36615,
Dubai, UAE
Tel: +971 4 518 2608
M: +971 52 617 3699, +971 52 382 2367
Fax: +971 4 518 2666
Email: dubai@rbsa.in
Manish Kaneria
Managing Director & COO
+91 79 4050 6090
manish@rbsa.in
Gautam Mirchandani
Managing Director & Head (Business Initiatives)
+91 22 6130 6000
gautam.mirchandani@rbsa.in
Research Analysts
Smith Jain
+91 79 4050 6074
Smith.jain@rbsa-advisors.com
Nitin Mukhi
+91 79 4050 6074
Nitin.mukhi@rbsa.in
Contact Us
Q1 FY 2019 Results - Sectorial Analysis 24.