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Motilal Oswal Report
Corporate earnings in Q1 FY23 missed expectations after several quarters. A few cyclical heavyweights led the aggregate miss even as spread of the earnings and accompanying corporate commentaries were good. Healthy monsoons and a normal festive season after two years should augur well for the consumption oriented sectors. However, growth is still lopsided and is being fueled by banking, financial services and insurance.
As the benefit of the recent moderation in commodity cost starts to accrue in H2 FY23E, we expect other sectors such as consumer, autos and cement to contribute too.
Most of the banks have guided for a sustained recovery in growth momentum propelled by continuous traction in retail, business banking and small and medium enterprise segments. Corporate segment growth too is likely to accelerate gradually, primarily driven by working capital loans while revival in capex is likely to occur over H2 FY23E.
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