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IDFC Research Report
Q2 FY21 was one of the best quarters in the last many years in terms of ratio of positive to negative surprises on earnings, though earnings estimates were significantly lowered after the last two quarters.
Ex-financials, sales saw de-growth of 7%, slightly above estimates. Margins beat even most optimistic estimates with Ebitda growing 12%.
Including financials, profit before tax grew 20% and profit after tax grew 21%. PAT YoY is not exactly comparable as base had many one-offs due to the changes in tax rate in the base quarter.
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