BQ Prime'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 BQ Prime's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
CareEdge Research Report
Key highlights:
Global growth is projected to moderate to 3% in 2023 from an estimated 3.5% in 2022.
India's merchandise exports continue to feel the heat of global demand slowdown and trade deficit has shown signs of widening in recent months.
Amid the global challenges, India's economic growth accelerated to 7.8% in Q1 FY24 from 6.1% in the previous quarter and high-frequency economic indicators also depict resilience.
Our credit ratio has moderated in this backdrop to 1.67 in H1 FY24, down from 2.72 seen in H2 FY23. Nevertheless, upgrades still continue to outnumber downgrades with 217 upgrades and 130 downgrades during H1 FY24.
The credit ratio for the manufacturing and services sector during H1 FY24 dipped to 1.38, down from 2.69 in H2 FY23.
In the infrastructure sector, the credit ratio continues to remain strong at 2.21 in H1 FY24, though moderating from 3.10 in H2 FY23.
The credit ratio for the banking and financial services sector improved sharply to 4.20 in H1 FY24 from 1.91 in H2 FY23 with upgrades seen in both, non-banking financial companies and banks.
Going ahead, the cumulative impact of interest rate hikes, volatile crude oil prices, and geopolitical risks remain the key monitorables.
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