We had a mixed bag of quarterly results with more evidence of consumer-facing stocks suffering revenue headwinds from demonetization. Bajaj Auto saw sales fall by 8% and profits by 9.9%. Pidilite sales rose just 4.3% and profits gained a modest 6%. Nestle sales grew by 8.1% and profits by 11.9%. Lupin sales came under pressure in the US and grew by just 1.7% while profits dropped by more than 50%. VIP Industries reported sales growth of 12% and profits growth of 41%. Firstsource Solutions sales grew just 2.2% and profits retreated by 19%. Heidelberg Cement reported sales growth of 33% and profits ahead by 52.4%. Finally, with a burgeoning order book, Kalpataru Power Transmission reported sales ahead by 12.5% and profits by 37% as margins expand on new orders. About two thirds of the way through the quarterly results, Nifty constituent stocks have reported an average of 14% sales growth and 25% profits growth.