India Strategy - FY21 PAT/GDP Rises To Four-Year High: ICICI Securities
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ICICI Securities Report
‘Look through earnings’ of NSE 200 index portfolio more than doubled (107% YoY) in Q4 FY21 so far largely driven by cyclicals.
Our earlier note articulated that this trend will continue over FY21-23 as bulk of the look through earnings contribution for Nifty 50 portfolio would be from cyclicals.
Profit after tax to gross domestic product for listed space rises to four-year high of 2.6% largely driven by reduction in loss pool and depressed earnings.
Despite the severe health impact of second Covid-19 wave, Nifty 50 FY22 earnings per share outlook has remained resilient at ~730 so far indicating expectations of limited impact to headline benchmark index earnings.
This is in contrast to FY22 GDP downgrades seen so far by various agencies.
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