BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Direct Report
Corporate earnings were resilient in April-June 2021 (Q1 FY22) amid Covid-19 resurgence pan-India.
It was primarily driven by limited impact on economic activity wherein corporate India largely operated unabated during the second Covid-19 wave.
This is in comparison to the central government led pan-India total lockdowns in April-June 2020 (Q1 FY21).
At the Nifty index level, excluding financials, net sales decline was limited to 7.5% on a sequential basis (QoQ) with Covid-19 impacted low base in Q1 FY21 making YoY comparison rather redundant.
On the operating profit front, the decline was limited to 6.7% amid ~15 basis points expansion in Ebitda margins to 19.2%.
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