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HDFC Securities Institutional Equities
Q3 FY22 earnings season saw an overall in-line performance with divergences across sectors and companies. Aggregate revenue/profit after tax grew by 29.7%/24.8% YoY across our coverage universe (~200 stocks), while they had a two-year compound annual growth rate of 13.5%/21.3%.
Our coverage universe saw strong growth in the segments of energy, metals, chemicals, consumer discretionary, insurance and capital markets and large banks, while industrials, cements and pharmaceuticals were a disappointment. IT continued its steady growth.
A common thread connecting most of the management commentaries was that industries are facing unprecedented input cost inflation and pricing actions are being implemented in order to protect margins.
However, price hikes are being taken in a calibrated manner, to prevent the momentum in demand recovery from being derailed. Rising crude oil poses an additional threat to already elevated raw material prices.
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