Q4 FY24 Review - BFSI, Auto Drive Earnings; Oil And Gas’ Moderate: Motilal Oswal

Motilal Oswal Report

The Nifty-500 companies delivered a healthy Q4 FY24 performance amid global volatility. The Q4 earnings were mainly fueled by domestic cyclicals, such as banking, financial services and insurance and autos, while global cyclicals (oil and gas and metals) dragged down earnings.

In Q4 FY24, Nifty-500 companies reported sales/Ebitda/adjusted profit after tax growth of 7%/ 13%/13% to ~Rs 35 trillion/Rs 6.7 trillion/Rs 3.9 trillion.

Auto/BFSI posted strong earnings growth of 83%/24% YoY, while capital goods/ cement grew 31%/18% YoY in 4Q. Within the BFSI pack, banks clocked ~26% YoY earnings growth and accounted for 64% of the BFSI sector earnings.

Chemicals/metals/oil and gas reported an earnings decline of 51%/21%/12% YoY.

Nifty-500, excluding BFSI, recorded an aggregate earnings growth of 8% YoY, whereas aggregate earnings jumped 22% YoY (ex-global commodities).

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