The Earnings Report Card for September 2022, a brief update on quarterly earnings for markets and our funds
Key highlights:
- Q1FY23 was the first completely normalised quarter since covid disruptions.
- Consumer companies in the discretionary space delivered robust revenue growth. FMCG companies delivered decent revenue growth, which was largely led by price hikes. Credit growth picked up materially to 14%yoy in June, with Pvt Banks leading the pack. This was coupled with declining non-performing and restructured assets.
- Top-line growth is holding up, led by price hikes and unlocked economy.
- Margin pressure remains elevated, but could ebb as commodity prices ease.
- FY23 E Nifty EPS cut of marginally 3–4% mainly stems IT, pharma and commodities. Domestic sectors’ earnings continue to remain strong.
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