India Strategy - ‘In-Line’ Q4 Earnings So Far Result In EPS Base Expansion: ICICI Securities
The CNX Nifty Index logo is displayed on a glass facade at the National Stock Exchange of India building in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

India Strategy - ‘In-Line’ Q4 Earnings So Far Result In EPS Base Expansion: ICICI Securities

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 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.

Click on the attachment to read the full report:

ICICI Securities Strategy Weekly memo.pdf

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