Key takes:

1. Volumes and margins both under pressure in 3Q. Consumption weak.

2. Sector wise, Financials doing well, cycle can continue. MFIs hold rerating potential. Life Insurance looks interesting but will be tested in the new tax regime. IT margins down despite rupee depreciation.

3. Relatively India at ~70% premium to MSCI Emerging Markets, may also a mild earnings downgrade for FY24, also a possibly weak monsoon.

4.  

5. Read all about it here: https://tinyurl.com/2p84jjsh

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