Q3 FY21 Mid-Season Earnings Review - More Beats Than Misses: ICICI Securities
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ICICI Securities Report
To date, Q3 FY21 is turning out to be the third quarter in a row to show more beats than misses (beat/miss ratio of 3.2 within the Nifty 200 index) indicating corporate profitability continues to be ahead of expectations which should lead to further upgrades.
However, banks had a relatively lower beat/miss ratio of one as gross non-performing assets and credit costs continued to be elevated although operating performance remained strong for most banks.
Breaking up the Nifty 200 index, the free float profit after tax growth for the Nifty 50 was 16%, while for the Nifty Next 50 and Nifty Midcap 100 it was at 41% and 55% respectively driven by swing in profitability of corporate banks and metal stocks.
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