The third quarter results were broadly in line with expectations overall and suggested that the worst effects expected from demonetization have been postponed, if not exaggerated. Annualized earnings growth for the Nifty was 14% with a particularly strong performance coming from consumption-orientated stocks. Many of these also showed encouraging signs of a shift from unorganized to organized business segments. Earnings downgrades have been a depressing feature of earlier quarters but the momentum of downwards revisions may be slowing. We may start seeing upgrades for fiscal FY18 and 19 based on the manner in which front-line stocks have been improving operating metrics. Q3 results are not really enough on which to make a judgment on the full impact of demonetization but the current quarter should be conclusive.