See 13-14% earnings growth in FY17, add InterGlobe: Citi

Surendra Goyal of Citi says Q1FY17 is unlikely to provide direction to the debate on FY17 earnings but, more importantly, earnings expectations have not been reset lower like last year.

He expects 13-14 percent YoY growth in FY17 earnings.

He says financials (mainly public-sector banks) continue to be a drag on overall growth, adding ex-financials profit growth at around 14 percent YoY was decent.

He added InterGlobe Aviation and increased weightage for Cipla in model portfolio. Goyal further trimmed IT services weightage, which remains biggest underweight.