Q3 Earnings Review - Demand Largely Pent-Up Driven: ICICI Securities 
A chart displayed on an electronic stock board outside a securities firm in Tokyo, Japan. (Photographer: Kiyoshi Ota/Bloomberg)

Q3 Earnings Review - Demand Largely Pent-Up Driven: 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

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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ICICI Securities Strategy_Q3FY21 Earnings Review .pdf


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