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Motilal Oswal Report
The June-quarter (Q1 FY21) corporate earnings for our coverage universe were better than our muted expectations.
Sales were impacted by the Covid-19-led lockdowns; however, Corporate India undertook stringent cost control measures to protect their bottom line and arrested the decline in operating profit.
Healthcare, utilities, private banks and technology sectors reported YoY profit growth, while autos, retail, metals and telecom posted losses.
Overall, management commentaries indicated moth on month improvement in demand during the quarter after easing of the lockdown restrictions.
Nifty sales declined 29% YoY (versus estimate -30%), while Ebitda/profit before tax/profit after tax declined 6%/30%/26% YoY (versus estimate decline of 11%/39%/35%).
While more than 50% of Nifty-50 companies reported a beat on our profti after tax estimates, results of some key index heavyweights like Reliance Industries Ltd., Tata Consultancy Services Ltd. and ITC Ltd. were below expectations.
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