EUR 120.00 For Business Accounts Only

MOSL: MOrning India (11/July/22): 1. India Strategy - 1QFY23 Preview (A glass half-full!); 2. TCS; 3. Avenue Supermarts; 4. Tata Motors; 5. Macrotech Developers; 6. Bandhan Bank; 7. Oberoi Realty; 8. Telecom

India Strategy - 1QFY23 Preview: A glass half-full!

• As we usher in the first earnings season of FY23, the market is at a crossroads. Despite a multitude of headwinds - adverse macros, rising rates, tightening liquidity, and volatile commodity costs, the Nifty has outperformed global markets YTD.
• We expect PBT/PAT for our MOFSL Universe to grow by 21%/21% in 1QFY23. BFSI, Oil and Gas, and Automobiles are likely to contribute 87% to incremental earnings in 1QFY23E. Excluding BFSI, we expect 1QFY23 earnings for the MOFSL Universe to record a relatively modest 13% YoY growth.
• Sales/EBITDA/PBT/PAT for Nifty should grow by 35%/19%/ 29%/31% YoY in 1QFY23E. Excluding RIL and ONGC, we expect profit to grow by 13% YoY for Nifty constituents. These two companies contribute 65% to Nifty's incremental earnings.
• Our Nifty FY23/FY24 EPS estimate has seen a minor tweaking to INR866/INR1,006 (prior: INR864/NR1,002). We expect Nifty's FY23 EPS to grow by 18% YoY on a base of 36% growth in FY22.

Piping hot news

5G: Adani Group to join spectrum bid; won't enter consumer mobility space

The Adani Group, on Saturday, confirmed that the company will participate in the government’s upcoming 5G telecom spectrum auction and plans to set up private network solutions across its operations. The group clarified that the company does not intend to enter the consumer mobility space. "We are participating in the 5G spectrum auction to provide private network solutions along with enhanced cyber security in the airport, ports & logistics, power generation, transmission, distribution and various manufacturing operations," the statement read.