Q1 Earnings Takeaways - Strong Start To FY22; Commentaries On Demand Recovery Improve: Motilal Oswal
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Motilal Oswal Report
Corporate earnings in the first quarter of FY22 have been in line with our elevated expectations, aided by the deflated base of Q1 FY21 and localised and less-stringent lockdowns versus Q1 FY21.
Management commentaries across the board indicate an improved demand environment post June 2021, led by the easing of restrictions and a sharp reduction in active Covid-19 cases.
Moreover, companies that have reported towards the end of the earnings season have shown demand revival in July-August 2021.
For our coverage universe, the earnings downgrade to upgrade ratio for FY22 stands at 6:5 – as 59 companies have seen downgrades more than 5%, while 47 companies have been upgraded by more than 5%.
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