Closing Bell: No MPC cheer for market, Nifty at 23,550, Sensex down 198 pts; metals shine

Indian equity indices ended lower for the third consecutive session on February 7 with Nifty below 23,600. The Sensex was down 197.97 points or 0.25 percent at 77,860.19, and the Nifty was down 43.40 points or 0.18 percent at 23,559.95.

We wrap up today's edition of the Moneycontrol live market blog, and will be back Monday morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices for all the global market action.

Markets remained volatile and ended slightly lower, extending the recent decline in the index. After a flat start, the index saw sharp swings in both directions during the first half but lacked a clear directional move, reacting largely to the MPC’s review meeting, which delivered a rate cut in line with expectations. Eventually, it settled at 23,566. Among sectors, metals and auto showed strength, while FMCG and energy slipped. Broader indices also traded mixed, closing flat to marginally lower.

With major events now behind us, the focus will shift back to earnings for further cues. On the benchmark front, Nifty held its crucial short-term support at the 20 DEMA, and sustaining this level will be key for a potential rebound towards 23,900. Otherwise, the bias may turn sideways. Meanwhile, traders should maintain a stock-specific approach with a strong emphasis on risk management.

RBI’s monetary policy decision to cut policy rates by 25 basis points this morning is a statement of unwavering policy support to domestic growth. Combined with last week’s record tax cuts, the policy rate cut will help reinvigorate credit channels in the economy. Assertion of pro-active liquidity support while continuing with a neutral stance is an excellent step to balance the global headwinds and also keeping its options open to respond to evolving financial conditions.

As always RBI is ahead of the curve in its focus on consumer protection and mitigating cyber risks. Announcements of a separate domain for the financial sector is a welcome step in that direction.

#1 Market posts minor gains & is higher for 2nd straight week

#2 Pharma & Metal gain the most amongst indices, up 3% each

#3 FMCG is top losing index tracking earnings by sectoral heavyweights

A rate cut aimed at reviving the slowing economy is a positive indicator. However, yields edged higher as investors were disappointed by the absence of anticipated liquidity measures, leading to profit booking in the indices. Additionally, a downward revision in the near-term growth forecast, influenced by global trade policies and inflation concerns, suggests that the central bank will adopt a cautious and gradual approach to future rate adjustments. While the broader market underperformed, the metals sector gained traction amid expectations of increase in demand.

As the rate cut did not spring any major surprise, investors did not find anything interesting in the new RBI governor's comments which resulted in a steady bout of profit-taking in banking, oil & gas, FMCG and power stocks. The ongoing earnings have been mixed to subdued while relentless selling of domestic shares by the FIIs have prompted investors to take maintain caution.

The Nifty remained volatile as the RBI Governor announced the monetary policy. However, the volatility did not push the index below the 21 EMA on the daily timeframe, signifying a positive short-term trend. The trend is likely to remain positive as long as the index stays above 23,450. On the higher end, resistance is placed at 23,700. A decisive move above 23,700 could lead to a rally toward 24,050.

Indian Rupee rallied as the RBI delivered its first rate cut in five years. The RBI cut repo rate by 25 bps to 6.25% from 6.5%, in line with street expectations. Thus, markets did not react too sharply. The RBI governor projected India’s headline inflation for FY25 and FY26 at 4.8% and 4.2% respectively. The US Dollar index softened on disappointing weekly unemployment claims data from the US.

We expect Rupee to trade with negative bias amid weak domestic markets and Dollar demand from importers. Risk aversion in global markets amid ongoing uncertainty over US trade tariffs may also weigh on the Rupee. However, any intervention by the RBI may support the Rupee at lower levels. Traders may take cues from US non-farm payrolls report. USDINR spot price is expected to trade in a range of Rs 87.20 to Rs 87.70.

Indian rupee ended 15 paise higher at 87.42 per dollar on Friday versus Thursday close of 87.57.

Indian equity indices ended lower for the third consecutive session on February 7 with Nifty below 23,600.

At close, the Sensex was down 197.97 points or 0.25 percent at 77,860.19, and the Nifty was down 43.40 points or 0.18 percent at 23,559.95. About 1468 shares advanced, 2293 shares declined, and 139 shares unchanged.

ONGC, ITC, Britannia, SBI, Adani Ports are among major losers on the Nifty, while gainers are Tata Steel, Bharti Airtel, Trent, JSW Steel, Hindalco.

The Nifty Midcap index was up marginally, while smallcap index shed 0.3 percent.

On the sectoral front, Nifty metal index rose 2.6 percent, consumer durables added 1 percent and auto index rose 0.7 percent, while PSU Bank, FMCG, Media, oil & gas down 1 percent each.

#1 Mixed quarter, Soft NIMs, robust loan growth & asset quality

#2 Strong RoE outlook, valuations attractive

#3 Soft NIMs & fee income led to core-PPoP miss; lower credit costs aids PAT

The first MPC meeting under the new Governor delivered a unanimous rate cut of 25 bps after almost five years, in line with market expectations. The commentary on inflation is benign, particularly regarding food prices, with FY26 headline inflation projected to moderate to 4.2%. The outlook for FY26 growth remains upbeat at 6.7%.

The stance has been retained as “Neutral,” citing global uncertainty. While there were no major announcements on further liquidity measures, which may disappoint the market slightly, the readiness to proactively provide liquidity is reassuring. There is also more flexibility on currency movement due to market conditions.

Overall, this is a well-balanced policy that meets market expectations for the third consecutive time. The new MPC’s more flexible approach to the inflation trajectory under the inflation targeting framework provides room for further rate cuts, even as the MPC remains data dependent. A fiscally prudent budget and the onset of the rate cut cycle set the stage for domestic market yields to come down.

The Board of Directors of the company at their Meeting held today i.e. February 07, 2025 has approved the proposal for setting up a TPU Extrusion plant at Waluj, Chhatrapati Sambhaji Nagar, Maharashtra with a Capital Expenditure of Rs. 118 Crore.

#1 Settlement guarantee fund drags earnings

#2 BSE's Q3 operating EBITDA expanded led by top-line growth

#3 Improvement in margins led by higher options segment margin & lower opex

#4 Higher than expected options ADTO offsets SGF impact

#5 Cut estimate by 3-6 percent

#1 Q3 EBITDA below on weak pricing, even as company reported volume beat at 9 percent YoY growth

#2 Net debt moderated QoQ

#3 Trim FY25 Ebitda estimate by 4 percent

#1 Asset quality remains strong

#2 Core PPoP margin progression remains under pressure

#3 NIMs declined by 13 bps QoQ & drove 3 percent NII miss

#4 Credit growth remains strong at 14 percent YoY

#5 Credit continues to grow faster than deposits given better liquidity starting point

#1 For second quarter in a row, company reported just in-line earnings, revenues missed estimate

#2 Fashion LFL was at HSD even as company continues to expand stores smartly

# Despite some investor concerns, reported EBITDA margin were largely maintained

#4 Stock surprisingly corrected 8 percent post results

#5 Stock corrected probably as earning upgrade cycle seems to have paused & valuation is not cheap

National Payment Corporation of India (NPCI) has today granted approval to our Subsidiary Company i.e. Rediff.com India Limited to participate in UPI as a Third-Party Application Provider (TPAP) under “Rediff Pay” and Axis Bank will act as a Payment Service Provider.

After a stellar budget by the FM, it seems the RBI has picked up from there. The policy measures are finely curated to boost broader economic growth. The RBI has delivered the much-needed rate cut, after a gap of 5 years, the rate cut will complement well with their latest liquidity measures.

We now have consumption stimulus by the government, liquidity, and rate cuts by the central bank providing a powerful trinity laying the setup for higher and durable consumption-led economic growth. The rate cut is expected to spur the credit offtake in the economy, thereby improving growth prospects for the banking and lending sector.

The policy stance is kept at 'Neutral' and the projection of inflation near 4% in FY26 indicates more action in CY25. The RBI's inflation projection indicates further softening in food inflation. A good monsoon year and a stable global economic situation are required for continued high growth and lower inflation.

RBI cut repo rate by 25bps after keeping it unchanged for two years, while keeping the stance "unchanged". Today's policy reflects a balanced approach of focusing towards supporting economic growth, managing inflation and protecting financial stability.

Rate cut amidst global uncertainty and depreciating pressure on INR, suggest RBI prioritising growth as inflation is aligning towards their target.

#1 Mixed Q3, in-line revenue but margins a tad soft

#2 Expanding food play with Prasuma acquisition

#3 Valuations remain accommodative, at 25x FY26 P/E & 3 percent+ dividend yield

#4 Cigarettes -volume led revenue growth; RM inflation weighs on margins

#5 Other FMCG-subdued margins; mixed revenue performance

#6 Hotels & agri do well; paper margin hit a new low

#1 Net profit up 29% at Rs807 cr vs Rs627 cr (YoY)

#2 Revenue up 33% at Rs3,143 cr vs Rs2,362.5 cr (YoY)

#3 EBITDA up 51.4% at Rs817 cr vs Rs539 cr (YoY)

#4 Margin at 26% vs 23% (YoY)

#1 Net profit was at Rs 124 crore vs Rs125 crore YoY

#2 Revenue down 20% YoY to Rs 1930 crore

#3 Total costs down 22% YoY to Rs 1820 crore

$4 Approves raising Rs 1000 cr via NCDs in tranches

#1 Net profit was at Rs 63.84 crore vs Rs68.3 crore estimates

#2 Revenue up 10% YoY to Rs 1000 crore

#3 Total costs up 12% YoY to Rs 930 crore

#1 Q3 a mixed bag; stock down by 8 percent yesterday , think this is an over-reaction

#2 Store addition pick-up is key positive

#3 Revenue growth & margins are positive

#4 Same-store-sales growth key disappointment & debate

Indian rupee is trading higher by 17 paise at 87.40 against its previous close of 87.57 per dollar.

The company arm to acquire Bombay Ortho Industries for Rs 147 crore

#1 Q3 EBITDA was below estimate, on weak ASP & higher costs

#2 Unlike its peers, its volumes fell attributed to monsoons

#3 EBITDA/t fell 8 percent QoQ, dragged by higher RM costs and weaker prices

#4 Net debt reduction was aided by monetisation of non-core assets

#5 Company intends to get to 30 mt capacity by end-FY26

#1 Slight topline miss was led by slightly weak fashion topline

#2 Fashion LFL growth was high single-digit

#4 On a five-year CAGR basis, revenue increased 39 percent in vs 38 percent QoQ

U.S. Food and Drug Administration (US FDA) inspected an API manufacturing facility, Unit 2 of Apitoria Pharma Private Limited, a wholly owned subsidiary of the Company, situated at Gaddapotharam Village IDA, Jinnaram Mandal, Sanga Reddy District,

Telangana, from September 23 to 27, 2024 and issued an Establishment Inspection Report (EIR) classifying the facility as Voluntary Action Indicated (VAI).

Mahindra & Mahindra, Mazagon Dock Shipbuilders, Life Insurance Corporation of India, 3M India, AIA Engineering, Alembic, Alkem Laboratories, Astra Microwave Products, Balarampur Chini Mills, BL Kashyap and Sons, Borosil, Caplin Point Laboratories, Century Plyboards (I), Cholamandalam Financial Holdings, Delhivery, Dev Information Technology, Dredging Corporation Of India, Edelweiss Financial Services, Fortis Healthcare, Firstsource Solutions, Gokaldas Exports, Goldiam international, Hindustan Foods, Honeywell Automation India, Linde India, Mold-Tek Packaging, Nava, NHPC, Oil India, Ola Electric Mobility, Peninsula Land, PSP Projects, Shipping Corporation Of India, SML Isuzu, State Trading Corporation Of India, Sun TV Network, Tasty Bite Eatables, VA Tech Wabag, Wockhardt, Zaggle Prepaid Ocean Services

The RBI MPC cut the repo rate by 25bp to 6.25% and continued with the neutral stance. The Governor committed to take pro-active steps to ensure orderly liquidity conditions. However, didn't announce any further measures today.

The Governor talked of reflecting on the flexible inflation targeting framework that was last reviewed in 2021. Need to keep an eye but no need to speculate at this stage.

The Governor stated to refine the building blocks of the macroeconomic outcome framework by using new data, improving nowcasting and forecasting.

#1 Q3 lower-than-expected volume growth leads to EBITDA miss

#2 Blended EBITDA/t of down 8 percent QoQ, missed estimate by 20 percent

#3 FY26 capex guidance maintained at Rs 1,200 crore

#4 Management confident to reach 30mt by FY26

#5 Net debt/EBITDA deteriorated to 3.6x Vs 3.2x in Q2FY25

After a long wait, RBI has finally cut the Repo rate by 25 bps to 6.25%. With the government’s borrowing program in check and its commitment to fiscal consolidation, the analysts were expecting the rate cut cycle to begin, so it is a welcome development to boost the economy. While the RBI's projections of 6.7% growth and 4.2% inflation for FY26 are constructive, RBI governor is right to highlight the potential risks from global uncertainties.

Given these factors, and the persistent pressure on the Indian rupee, we anticipate a cautious approach from the RBI moving forward. They'll need to keep a sharp eye on the volatile global landscape to navigate future policy decisions effectively.

The RBI MPC has delivered its first rate cut in five years. The repo rate now stands at 6.25% with the latest 25 bps cut.

This provides a crucial boost to economic growth. In a coordinated effort, the government and RBI continue to support the economy with sustained liquidity measures.

While the rate cut signals a shift, the policy stance remains neutral, leaving room for further action based on evolving economic conditions. With FY26 inflation projected at 4.2%, following a 4.5% rate in Q4, the stage is set for a lower rate environment. This reduction, combined with tax slab cuts, enhanced TDS limits on rent, and home loan interest deduction has enhanced affordability and increased disposable income, particularly benefiting the housing sector.

Branded real estate players offering integrated townships are poised to see significant demand, positioning the housing industry as the biggest beneficiary of this economic momentum.

#1 India bisiness revenue (excluding passive infrastructure) was in-line with estimate

#2 EBITDA beat estimate by 2 percent

#3 India net debt (excluding lease liabilities & Indus towers) narrowed by almost USD 1 billion QoQ

#4 This reflected solid FCF generation in Q3FY25

#5 Steady growth in subscribers

#6 ARPU in India mobile business, along with sharp margin improvement QoQ

RBI’s decision to slash repo rate by 25bps is a welcome move and at par with the industry’s expectations. This is the first time in 5 years that the RBI has cut down repo rates. A rate cut was warranted as economic indicators are stable and inflation is in check. We now have well-coordinated policy efforts with the government providing consumption stimulus, RBI providing liquidity as well as a rate cut.

The real GDP for FY26 is projected at 6.7% which indicates robust economic growth. However, global headwinds will continue to be a risk for growth, especially for the export sector. Going ahead, we expect further rate-easing measures by the RBI in FY26. The measures by the RBI are expected to provide support to the currency. The RBI is expected to play a crucial role in supporting growth and controlling inflation as per the evolving situation.

#1 Q3 beat on volume growth & in-line top line

#2 EBITDA margin beat was a result of lower employee & other expenses

#3 Focus states grew 2.6x, outperforming other regions

#4 Dairy drinks, croissants & wafers saw double-digit growth

The RBI’s first rate cut in five years, reducing the repo rate by 25 basis points to 6.25%, marks a pivotal step in stimulating economic growth. This move, aligned with sustained liquidity measures by the government and RBI, is set to enhance market activity across sectors, including real estate.

With real GDP growth projected at 6.7% for FY26 and inflation expected to stabilize at 4.2%, the macroeconomic environment is supportive of a vibrant housing sector. This rate cut, combined with measures like increased TDS limits on rent and higher home loan interest deductions, underscores the government’s commitment to bolstering real estate investments.

India’s housing market, especially the luxury segment, which grew by 53% in 2024, stands to benefit significantly from this development. The neutral policy stance adopted by the RBI allows flexibility to address evolving global and domestic economic conditions, paving the way for sustained momentum in the sector.

#1 Net profit down 32.1% at Rs 337.2 crore vs Rs 497 crore, YoY

#2 Revenue up 5% at Rs 6,928 crore vs Rs 6,595 crore, YoY

Some would say that this rate cut by MPC/RBI is premature, that Inflation is not under control yet. Monetary easing is need of the hour, from a trying to revive the economy perspective. For monetary easing to be effective, more rate cuts are needed for a long period of time. Liquidity needs to be easy as well. I feel that inflation projection of 4.2% for FY26 is a tad optimistic. I expect further rate cuts of 50 bps during the year. It is a bold move by RBI.

The short-term funds are likely to perform better. Long end of the curve will move lower once inflation battle is won, which is some time away. There is pressure on currency as well, which will make interest rates volatile, though within a range.

#1 Q3 miss on loan growth, NIMs & cost ratios

#2 Asset quality performance was healthy

#3 See muted EPS growth over FY25-27 as higher NIM pressure continues

#4 Cut FY25-27 EPS estimate by 1.5-5.2 percent

#1 Acquires 16.1k towers from Airtel & Hexacom for UP to Rs 2.1m/tower)

#2 View transaction favourably

#3 Acquisition would help improve company’s capital structure

#4 Acquisition would optimise its balancesheet given negligible net debt as of Dec’24

#5 Believe this is prudent allocation of capital, being within company’s core area of ops

#6 Should not have any implications for potential dividend payout

#7 Acquisition will be entirely debt-funded

#8 Continue to forecast Rs 18 dividend with Q4 results

#9 Prima facie, implied valuation of 6.5x EV/EBITDA does not appear expensive

The RBI assured market on durable liquidity and cut rates by 25 bps as inflation remains within the higher range of mandate.

The jugalbandi between monetary policy which is becoming less tight and fiscal policy which is becoming less loose should be supportive for growth and yet managing inflation.

#1 US oral revenues now close to USD 300 million a quarter

#2 Q3 in-line on growth & margin; outlook key for penicillin ramp-up

#3 Net debt reduced sequentially from USD 133 mn to USD 84 mn

#4 On CMO capacity for Merck, company has started civil work

#5 Company plans to commission CMO capacity in 2026, first supplies expected in 2028

#6 On biosimilars, three product launches are planned in July quarter

#7 Two more product submissions are planned in 2025

#1 Net profit at Rs 325.3 crore vs Rs 93.4 crore, YoY

#2 Revenue down 6.1% at Rs 1,976.6 crore vs Rs 2,106 crore, YoY

The Sensex was up 72.07 points or 0.09 percent at 78,130.23, and the Nifty was up 39.85 points or 0.17 percent at 23,643.20. About 1537 shares advanced, 1769 shares declined, and 146 shares unchanged.

In an attempt to move an economy that is stagnating to an expansion that leads to growth, the Reserve Bank of India (RBI) decreased its benchmark repo rate by 25 basis points (bps) to 6.25% during its meeting held in February 2025, it’s first rate cut in almost five years. It was accompanied by a 6-0 unanimous vote of the six-member Monetary Policy Committee (MPC) to be concerned about the slowdown in economic growth, as real GDP growth is expected to reach 6.7% in the next fiscal year (FY26), which is the weakest pace in four years.

The MPC kept the stance as 'neutral', thus trying to strike a balance between the need to boost growth and the fear of higher inflation. RBI Governor Sanjay Malhotra pointed out that inflation dynamics have improved and that there is room to lower interest rates following December's inflation drop to a four-month low of 5.22%. However, inflation still stands above the 4% target, and food inflation, although it has decelerated to 8.4%, remains a risk.

Moreover, the RBI brought in measures to pump in liquidity in the banking system through OMOs and VRR auctions of Rs 1.1 lakh crore. The rupee remained steady at 87.45 per dollar, and government bond yields opened higher due to the absence of other liquidity measures. The central bank's main objectives remain to bring inflation back to the target and support growth in the face of global uncertainties. Overall, the measures taken by the RBI are aimed at stimulating growth in a slowing economy and improving the real GDP growth to keep the growth story intact.

#1 Net profit down 58.1% at Rs 9.3 crore vs Rs 22.2 crore, YoY

#2 Revenue up 5.1% at Rs 640 crore vs Rs 608.8 crore, YoY

#1 Net profit at Rs 219.7 crore vs Rs 108.2 crore, YoY

#2 Revenue up 95.2% at Rs 831.7 crore vs Rs 426.1 crore, YoY

The RBI’s 25 bps rate cut signals a decisive shift towards supporting economic growth while ensuring inflation remains under control. The Monetary Policy Committee’s (MPC) decision to maintain a neutral stance suggests that future rate actions will be data-dependent, contingent on inflation dynamics, global monetary trends, and domestic economic performance. Given that retail inflation has softened to 5.22% in December, closer to the RBI’s 4% target, there is potential for further easing if price pressures continue to moderate. However, the central bank remains cautious, acknowledging risks such as volatile crude oil prices, global financial uncertainty, and fiscal measures introduced in the Union Budget.

Looking ahead, the RBI will closely monitor inflationary trends and liquidity conditions. The neutral stance ensures flexibility in responding to evolving macroeconomic factors, including potential rate cuts by the US Federal Reserve and European Central Bank. Liquidity management will also be a key focus, ensuring adequate system liquidity without stoking inflationary pressures. Additionally, the RBI’s commentary on credit flow, banking sector resilience, and fiscal policies will play a crucial role in shaping investor sentiment in the coming months.

From a market perspective, this rate cut is expected to have a positive impact on rate-sensitive sectors. Banking and financial stocks may see increased credit demand, improving net interest margins in the near term. The real estate sector stands to benefit as lower interest rates on home loans could boost housing demand. Similarly, consumer durables and auto segments may experience higher sales, particularly in the premium category, as financing costs decline. The bond market is likely to react positively, with a decline in yields making long-duration bonds and debt mutual funds more attractive to investors.

Corporate borrowing costs are expected to ease, supporting capital expenditure and investment in sectors like infrastructure and manufacturing. Lower interest rates could provide companies with more room for expansion, stimulating economic activity in the medium term. However, sustained rate cuts will depend on the fiscal stance and inflation trajectory, as excessive easing could reignite price pressures.

Overall, the RBI’s move, combined with fiscal stimulus, should enhance liquidity, improve credit availability, and support equity valuations. While markets may react positively in the short term, the long-term impact will hinge on external risks and the effectiveness of fiscal measures in driving growth without reigniting inflation.

While GDP growth moderated in H1 it is expected to rebound in the second half of the year, driven by increased government capital expenditure, which is likely to boost investment. Additionally, robust agricultural production is anticipated to strengthen rural consumption.

Inflation is likely to remain stable as economic growth moderates, commodities soften, and food prices gradually come under control. The government's commitment to fiscal consolidation, with reduced spending and borrowing, will further help contain inflation.

The central bank revealed plans for open market operations (OMO) to buy government securities worth Rs 60,000 crore to provide durable liquidity. In addition, the RBI will conduct a 56-day variable rate repo (VRR) auction for Rs 50,000 crore to maintain liquidity through the end of the financial year. The central bank also announced a $5 billion dollar-rupee buy-sell swap auction that is expected to inject approximately Rs 50,000 crore into the banking system.

The repo rate, which had remained at 6.5% until now, has been reduced by 25 basis points to 6.25%. This decision follows the government's recent move to cut personal income tax to stimulate consumption. The rate cut, the first by the RBI in five years since May 2020, comes after maintaining the repo rate unchanged for two years. The announcement is made amid global economic uncertainty, with U.S. President Donald Trump imposing tariffs on Canada, Mexico, and China which has raised concerns over potential global trade wars, leading to a stronger dollar against major currencies.

Typically, NBFCs are better positioned to benefit from cuts in rates as credit growth will improve followed by banks. Also, credit-sensitive sectors like auto and real estate will see higher demand.

In a landmark decision, the Reserve Bank of India (RBI)’s Monetary Policy Committee (MPC) has reduced the benchmark interest rate by 25 basis points, the first cut in five years, aiming to stimulate economic growth while closely monitoring inflation. This move aligns with global central banks, which have been easing rates since last year to counter economic slowdowns. However, this decision is expected to widen the gap between US and Indian bond yields, potentially accelerating capital outflows from India. With US bond yields on an upward trajectory, the Indian Rupee (INR) is facing added depreciation pressure, exacerbating currency risks. Given these challenges, the rate cut could prove to be a balancing decision on currency stability and stimulating consumption.

#1 Net profit up 24.5% at Rs 125.5 crore vs Rs 100.8 crore, YoY

#2 Revenue up 7.1% at Rs 962.4 crore vs Rs 898.5 crore, YoY

#1 Topline was better across segments, barring agri

#2 EBITDA was weak across with the exception of agri

#3 Good growth in cigarettes was a key positive surprise

#1 Q3 operational performance remained strong

#2 Q3 witnessed pick-up in pace of store expansion

#3 LFL growth moderated to high-single-digits

#4 LFL moderation is led by further slowdown in discretionary consumption

#5 Trading at 42x FY27E EV/EBITDA vs Titan/DMart at 36x

#1 Consolidated EBITDA was broadly in-line

#2 EU revenue of was 14 percent above estimate

#3 EBIT was ahead of estimate, standalone business EBITDA below estimate

#1 Reported profit was disappointing

#2 Capex guidance increased & new wins continue at expected pace

#3 Risk of overestimation of capex intensity, commissioning timelines

#4 Risk of poor project profitability yet to play out