Third Quarter Earnings Review – India Inc’s ‘PAT to GDP Ratio’ Rises 4.3% on Cyclical Stocks: ICICI Securities

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Overall after-tax profit growth on a free-float basis for the Nifty 50 in the third quarter of FY22 was robust at 23% year-on-year, driven largely by financials and materials which, together make up the lion’s share of the profit pie at around 60%.

However, excluding commodities and financials, PAT was down 4% year-on-year, mainly due to losses at Tata Motors Ltd. and general rising cost pressure (automotive, cement, infrastructure, telecoms) while benefiting from support from IT, chemicals, tobacco, pharma, jewellery, staples and utilities.

Overall, PAT was ahead of consensus estimates with a higher number of beats to failures (16 vs. 14) within the Nifty 50.

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Sallie R. Loera