Another raft of quarterly results of interest to us, starting with Larsen & Toubro which reported a disappointing 9% advance in sales and profits as weak execution outweighed strong order flow. ITC reported a 25% increase in sales and 15.6% increase in profits; Pidilite reported 20% increase in sales and 5% in profits as raw material costs accelerated. Healthcare stocks excelled again: Lupin reported sales 35% ahead and profits 56% ahead on excellent export market performance; Torrent Pharma reported 15% sales growth and 72% in profits, also supported by overseas. Nestle India grew sales by 9.3% and profits by 6%. Magma Fincorp grew NII by 7.8% but accelerating cost of recoveries and rising loss reserves drove profits down by 20%. ICICI Bank reported NII ahead by 13% and profits up by 17% and finally, Balkrishna drove sales up by 18% and profits by 13%.