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ICICI Direct Report
The recent cool off in key commodity prices viz. metals, crude among others comes as a breather for global equity markets, which are currently wary of ongoing geopolitical issues and interest rate hikes by central banks to control inflation.
Management commentary is upbeat on demand prospects and recovery in margin profile amid muted corporate earnings for Q1 FY23, which witnessed low single digit QoQ growth in topline and double digit bottomline decline with pressure on gross margins.
Nifty earnings per share for Q1 FY23 came in at ~Rs 177/share, down 14% QoQ. Major disappointment came in from the oil and gas sector wherein marketing margins came in lower than estimated.
However, capital goods, metals and mining and pharma space surprised on the positive side. Domestically, with a capex cycle revival on the anvil (public plus private) coupled with strong consumer demand across most categories (passenger vehicles, retail, etc.), Indian markets witnessed a smart recovery and were up ~18% from recent lows.
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