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IDBI Capital Report
Q1 FY22 earnings season is starting and like previous quarter’s, question is will it be another quarter of earnings upgrade.
Nifty EPS has consistently seen an upgrade in the last three quarters and consensus has pegged an average FY22E earnings per share for Nifty 50 at Rs 697 (up by 32% YoY).
After delivering 7% return in Q1 FY22, Nifty 50 is trading at higher end of its valuation range and we understand upgrade is necessary to sustain the valuation.
Country was in lockdown state in Q1 FY22 and thus commentary for the upcoming quarters remains key for upgrade or downgrade of EPS.
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