Q1 FY22 Earnings Review - Strong Start To FY22: Motilal Oswal
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Motilal Oswal Report
Corporate earnings in the first quarter of FY22 have been in line with the elevated expectations, aided by the deflated base of Q1 FY21 and localised and less stringent lockdowns versus Q1 FY21.
Sectoral earnings have diverged sharply on account of the impact of second Covid-19 wave and higher commodity prices impacting the margins of select sectors (auto, consumer staples, and durables).
On the flip side, cyclical sectors such as metals and oil and gas have benefitted, driving in-line aggregate earnings.
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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