BQ Prime's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer BQ Prime's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
HDFC Securities Institutional Equities
Q1 FY23 earnings season saw an overall in-line performance with wide divergences across sectors and companies. Aggregate revenue/profit after tax grew by 43%/14% YoY across our coverage universe (~200 stocks), their three-year compound annual growth rate being 14.2%/12.8%.
Our coverage universe saw strong YoY growth in financials, consumers, industrials, chemicals, and power segments, while energy and cement sectors disappointed. IT continued its steady growth. The common theme across management commentaries was their attempts toward increasing product prices to pass on elevated input costs in a calibrated manner.
Industry expects cost inflation to normalise and operating margins to gradually recover by Q3 FY23.
~51% of our coverage stocks have beaten the earnings estimates (versus ~54% in Q4 FY22). Overall, the coverage universe's performance was in line, with a miss of 7% due to energy and auto sectors.
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