Hi Amit although you are partially correct by citing the PE re rating reasons of sales growth. But this re rating actually has happened on the expectation of gaining market share from the unorganized players since GST will going to play a big positive for the Organized players in the long run. Also their penetration in apparel like Taneira in 2017 also played a big role in this PE re rating since since this market is hugh and dominated by unorganized players all the way through. Slow down in revenue is a concern but the entire Economy is in a stalled situation so we can not expect much growth at this point of time but I think market tend to give PE on long term prospect not on cyclical events.
Please feel free to correct me if I am wrong at any point.