ICICI Direct: India Inc Q2 Review - Earnings Outperform, Post-Covid Recovery Picks Up Steam
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ICICI Direct Report
Corporate earnings in Q2 FY21 came in better-than-expected wherein companies benefitted from low raw material cost and realised operating leverage benefits with management commentary positive on pace of demand recovery and retaining some part of operating leverage gains in the post Covid world.
At the index level, excluding the Banking, Financial services and Insurance space; net sales fell ~10% YoY, primarily driven by double digit topline decline in the oil & gas space.
On the profitability front, Ebitda margins at the index level came in at a multi-quarter high at 18.9%, up 410 basis points YoY.
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