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Yes Securities Report
Topline growth of 36% YoY (excluding financial and oil marketing companies) is largely driven by engineering and procurement companies like Reliance Industries Ltd. and Oil and Natural Gas Corporation Ltd., while sectors like automobiles and IT are also likely to see impetus, estimated to witness a low double-digit growth.
Performance in 12 out of 15 sectors under our coverage (excluding financial and OMCs) is likely to see flattish growth in the quarter, indicating that only three sectors are doing most of the heavy lifting.
After seeing three consecutive quarters of contraction operating margins are likely to remain flat (up 15 basis points YoY) on account of strong margin expansion in oil and gas space (excluding OMCs).
Auto sector is also likely to witness an expansion after three consecutive quarters of contraction. On the negative side, cement, pharma and IT are likely to witness margin collapse by 9.4, 3.4, and 2.3 % YoY basis respectively.
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