Will morning show the day? An interim review conducted by MOFSL of FY23 first quarter earnings, comprising 110/31 companies within their universe/Nifty, shows mixed trends. Even though sales growth is decent at 29 per cent, Nifty profit growth is subdued at 12 per cent so far (July 31, 2022).
The BFSI sector has single-handedly driven earnings growth. In terms of Nifty winners so far, Bajaj Finance, Axis Bank and HDFC are prominent outperformers in profit growth delivery, while laggards include Wipro, Shree Cement and JSW Steel with 21-86 per cent plunge in PAT.
In the broader universe, apart from financials, consumer sector has done well but technology, healthcare and automobiles haven’t.
Source: Motilal Oswal Motilal Oswal Financial Services Ltd