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ICICI Securities Report
On a free float basis, profit after tax growth (YoY) within the Nifty50 index so far is around 3%. Revenue and Ebitda YoY growth (non-financials) stand at 25% and down 1% respectively.
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For the broader NSE200 universe, the FF PAT contraction is ~4%. Overall YoY increase in aggregate profit during Q2 FY23 for the NSE200 universe so far is primarily being driven by financials, whose profit pool expanded by 47%.
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On the flip side, commodity companies within the NSE200 have slumped into the loss pool on an aggregate basis due to declining realisations as global prices cool off along with introduction of new taxes (windfall taxes, export duty, etc).
The contraction in aggregate profit after tax within commodities is significantly higher than the expansion in profit pool of other non-financial stocks so far (IT, auto, industrials, tobacco, consumption, Reliance Industries Ltd. and others).
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