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Yes Securities Report
Topline growth of 21% (excluding financial and oil marketing companies) is largely driven by sectors like automobiles and IT, while energy and consumption estimated to witness strong double‐digit growth.
Performance in eight out of 11 sectors is likely to see more than 15% plus growth rate in the quarter, indicating that revenue growth is pervasive.
Q2 will mark fifth consecutive quarters of contraction in operating margins on YoY basis. However, margins are likely to expand by flat sequentially, indicating that signs of bottoming out in Ebitda margins.
Auto sector is also likely to witness an expansion, reversing four consecutive quarters of erosion. On the negative side, cement, building materials, pharma and IT are likely to witness margin dip of 7.7%, 6.3%, 3.0% and 1.8% YoY basis respectively.
Profit after tax growth of 10% is predominantly driven by auto and real estate. While, telecom is likely to report reduction in losses by ~66%, further supporting aggregate profit after tax.
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