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ICICI Securities Report
For the NSE200 universe, YoY growth registered for sales, Ebitda and profit after tax on a free float basis is strong at 34%, 25% and 32%, respectively. Including financials, YoY profit after tax growth is 27%.
86% of the YoY change in free float earnings of the NSE200 universe is contributed by cyclicals (energy, metals, banks, discretionary consumption and industrials).
Despite cost pressures, earnings beats have outpaced earnings misses so far.
As indicated in our earlier note, market's collective wisdom has been signaling earnings growth to sustain and that more than 20 times price/earning is turning out to be normal in a low-yield world.
Demand is emanating from discretionary consumption, core sectors and exports even as inflationary pressure is visible across sectors.
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