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ICICI Direct Report
Excluding financials, aggregate Nifty earnings posted a muted show in Q2 FY23. Topline growth at the Nifty level (ex-financials) was at 1.1% QoQ.
However, operating profit was down 6.7% QoQ amid pressure on margins, which for the quarter was at 14.6%, down 123 basis points QoQ. Gross margin decline was limited to 19 bps QoQ while employee costs and other expenses rose 28 bps and 76 bps, respectively.
Profit after tax, in Q2 FY23, was down 6.7% QoQ, primarily tracking a decline in margins, but was supported by higher other income as well as lower effective tax rate (27.4% in Q2 FY23 versus 29.5% in Q1 FY23).
On a YoY basis, topline, bottomline growth at the index level was at 30%, -12%, respectively.
Management commentary across businesses was positive on demand outlook (more so on domestic prospects) and with recent cool off in key commodity prices was hopeful of margin recovery in H2 FY23.
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