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ICICI Direct Report
Corporate earnings for January-March 2022 (Q4 FY22) were satisfactory in the backdrop of extended geopolitical conflict, supply chain disruptions, especially on the logistics front and rise in key commodity prices viz. crude, metals and agri-commodities.
Topline growth at the Nifty level (excluding financials) was at 9.8% QoQ. Operating profit, however, was up 3.4% QoQ factoring in the pressure on margins, which for the quarter was at 18.2%, down 110 basis points QoQ.
Profit after tax for the quarter was up 5.3% QoQ, primarily tracking a decline in margins and other income, partially aided by lower effective tax rate (26.1% in Q4 FY22 versus 27.9% in Q3 FY22).
On a YoY basis, topline, bottomline growth at the index level was healthy at 24% & 14%, respectively, tracking commodity prices led outperformance in the metals and oil and gas domain as well as healthy high double digit growth witnessed in the IT and power space.
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