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 Securities Report
The much-awaited gross domestic product growth numbers released today painted a grim picture—real GDP growth contracted 23.9% YoY in Q1 FY21, sharply down from 3.1% in the preceding quarter and 5.2% in the corresponding quarter last year.
The growth contraction was larger than expected: consensus growth expectation for the quarter was -20% while our estimate was down 16%.
The surprising 10.3% YoY contraction in public admin against an expected 11% increase was amongst the main reasons for sharply lower than expected growth print.
Since the beginning of lockdown, it was expected that construction sector will be amongst the worst-hit.
This is because, construction activity is highly labour-intensive and discretionary. The sector also depends heavily on migrant workers, most of whom went back to their villages during the lockdown.
Today’s data release confirms the fears: construction sector contracted 50.3% in Q1 FY21, recording the sharpest contraction among all sectors.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the brokerage and do not represent the views of BloombergQuint.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
As a Subscriber you get
Stories
RECOMMENDED FOR YOU
POPULAR