Q2FY24 earnings season so far has not provided any major negative surprises with cyclicals driving profit growth, while defensives lag. Overall within our coverage universe, the upgrades for FY24E / FY25E earnings have been driven by cyclicals related to capex, discretionary consumption, and credit growth (Ultratech, ACC, JSW Steel, Voltamp, Polycab, Maruti, Bajaj Auto, Kewal Kiran, IndusInd Bank, PNB Housing, etc.).