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Axis Securities Report
Q3 FY22 is expected to be another strong quarter after satisfactory performance in Q2 FY22. We expect our coverage universe to register revenue/Ebitda/profit after tax growth of 25%/16%/33% respectively.
Even after adjusting for significant write-offs seen in the telecom industry in the base quarter, the earnings growth compresses to still-robust 23%. The growth would be led by encouraging performance by metals, banking, and oil and gas, among others.
Over the last year, the metals sector witnessed a sharp uptick in profitability with the Q2 FY22 quarter showcasing peak spreads. However, Q3 FY22 is likely to see a reduction of spreads and decline in profitability on a QoQ basis, though the sector will continue to perform quite well.
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