Q3 Earnings Review - Demand Largely Pent-Up Driven: ICICI Securities 

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ICICI Securities Report

Pent-up demand, driven by the opening up of the economy and festive season, definitely had a larger role to play in the areas showing robust demand trends (construction, manufacturing and selectively consumption) resulting in a strong earnings season with a beat/miss ratio of 4.3 times during Q3 FY21.

Discretionary consumption such as retail and leisure which continue to contract, will see incremental pent-up demand getting released as Covid-19 cases recede, which is evidenced by their mobility trends (down 21% below baseline but rising; Google mobility).

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