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IDBI Capital Report
Nifty-50 is up 11% in Q3 FY24 and valuation has moved to 20 times 12 months forward price earnings ratio versus historical average of 18 times.
In the upcoming Q3 FY24 result season, we expect continuation of margin improvement on QoQ basis for fast-moving consumer goods, Cement and few Metal companies. Commodity prices have seen weakness and this to benefit commodity consumers.
For Banks, net interest income growth to be strong led by loan growth but net interest margin moderation to be there albeit at slower pace in Q3 FY24 versus Q2 FY24.
In IT, Q3 FY24 is expected to be subdued due to high furlough and weak macro demand and thus commentary/ guidance is key to watch in them. Our read through across sectors for Q3 FY24.
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