In our view, there is a clear and present risk to the earnings turnaround inFY19, as consumption, which has been the sole driver of growth, will not likelybe strong enough due to weak fiscal push and job growth (refer to our detailedreport on India economics by Upasana – link). The capex cycle remainsnascent and limited to pockets of infrastructure.。    Earnings recovery in FY19should be ~15% vs Street expectations of 21%.Downside to broader market is higher than frontline indices due to even moreelevated expectations. Risks can emanate from geopolitical developments,badly managed bankruptcies or economic mis-steps in an election year.。

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