India Strategy - ‘In-Line’ Q4 Earnings So Far Result In EPS Base Expansion: ICICI Securities
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ICICI Securities Report
Q4 FY21 result season is largely in-line so far with 26 neutrals, 18 beats and 23 misses.
Sales, Ebitda and profit after tax YoY growth of 15%, 16% and 18% (53% including financials), respectively for NSE 200 universe on a free-float basis.
Macro cues from Q4 so far – exports (IT, auto), gross fixed capital formation (cement, metals) and private final consumption expenditure (staples) are resilient, while PFCE (discretionary consumption) is lagging.
Health crisis has not spilled over into a wide-spread financial crisis yet as indicated by low spreads in bond markets, absence of large gross non performing asset shocks in financial system and improving government finances.
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