Earnings Supported by Solid Project Pipeline FY16 business targets, VGI to be group’s biggest revenue earner 1QFY15 profit seen up 2.2% q-q but flat y-y Everbright Spot：What’s Inside FY14 Results Presentation Takeaways NPLs at risk of moving up earlier than expected India Equity Strategy：RBI Policy - Rates Unchanged, Focus on Transmission India： RBI expectedly stays on hold，and lobs the transmission ball back to banks Wind output growth turned strong in Mar-15 at +27% Y/Y A much-awaited regulation finally comes through; the change is welcome