Q3 FY22 Earnings Preview: Yes Securities
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Yes Securities Report
Revenue growth (ex-financials and oil market company) to grow by 19% YoY, primarily driven by oil and gas and IT. Revenue growth to remain in double digit mode even as the base effect normalises.
We see operating margins to increase by 40 basis points sequentially as commodity prices peak and companies endeavor to pass on costs. However, on YoY basis, operating margins are likely to contract by 103 bps, the second consecutive quarter of contraction.
Adjusted profit after tax is likely to grow by 18% YoY, largely driven by strong performance from oil and gas and real estate. Automobiles to see steep contraction of 55%, hampered by supply side issues.
For financials, ne interest income growth is likely to be strongest in the last five quarters as credit offtake picked up during the festive season.
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