BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Direct Report
The key theme for Q2 FY21E earnings for the construction and real estate universe will be recovery.
For construction companies, post a washout Q1, we expect execution to get ramped up in Q2, albeit extended monsoon and still suboptimal execution (execution efficiency ranging at 70-85%) will result in a slightly weak print YoY.
However, we expect Q2 to be the last quarter of topline weakness as improved labour availability and post monsoon period will drive recovery.
For real estate companies, amid stable commercial segment and improving residential sales volume (albeit weak YoY), the pain will be largely felt owing to rental waiver in the retail segment and near non-operational hospitality portfolio.
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