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.
Motilal Oswal Report
Amid a challenging global macro backdrop, India Inc.'s profitability remained healthy in Q4 FY23 – in line with our expectations. Our coverage universe reported the highest earnings growth in the last four quarters.
Corporate earnings were driven by financials and auto, while metals dragged aggregate profitability.
Metals remain a drag; banking, financial services and insurance continues to lead: Earnings of the our coverage universe jumped to a four-quarter high of 15% YoY (our estimate of +14% YoY) in Q4 FY23, while Nifty's earnings growth stood at 16% YoY (our estimate of up 14% YoY). This aggregate performance was fueled by BFSI/auto that posted 43%/115% YoY earnings growth.
Conversely, weaker-than-expected performance of metals that clocked 45% YoY earnings decline (profit after tax of all companies within our coverage declined YoY with Tata Steel Ltd.'s profit plunging 83% YoY) dragged overall growth. Excluding metals and oil and gas, our universe and Nifty clocked a solid 34% and 30% YoY earnings growth (versus expectations of 29% and 23% growth), respectively.
Along with metals, the cement, healthcare and retail sectors too dragged Q4 FY23 earnings. Excluding BFSI, profits grew 4% YoY (our estimate of up 5%) for our universe.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
