Still too much light crude at the end of the tunnel 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 Bode Well at Home and Abroad; Environmental Protection as Growth Driver 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