MOSL: MOrning India (24/August/22): 1. Voices | India Inc on Call (Heavyweights weigh on earnings); 2. Transport Corporation of India; 3. P&G Hygiene and Healthcare; 4. Oberoi Realty; 5. Union Bank of India
MOrning India (24/August/22): 1. Voices | India Inc on Call (Heavyweights weigh on earnings); 2. Transport Corporation of India; 3. P&G Hygiene and Healthcare; 4. Oberoi Realty; 5. Union Bank of India
Today’s top research theme
Voices | India Inc on Call: Heavyweights weigh on earnings; decent spread performs a balancing act
- Corporate earnings in 1QFY23 missed expectations after several quarters. A few cyclical heavyweights led the aggregate miss even as spread of the earnings and accompanying corporate commentaries were good. Healthy monsoons and a normal festive season after two years should augur well for the consumption-oriented sectors. However, growth is still lopsided and is being fueled by BFSI. As the benefit of the recent moderation in commodity cost starts to accrue in 2HFY23E, we expect other sectors such as Consumer, Autos and Cement to contribute too.
- Most of the banks have guided for a sustained recovery in growth momentum propelled by continuous traction in retail, business banking and SME segments.
- In NBFCs, management remains watchful of the impact on NIM and credit growth for non-bank lenders. Hence, it will be important to monitor the impact on the stated parameters for non-bank lenders.
- IT sector saw some moderation in growth on the high base of FY22. Though demand environment remained strong, a few companies noted small pockets of demand weakness led by ongoing macro headwinds, especially in retail.
- In the Metals space, most of the companies highlighted: a) reduction in coking coal costs to reflect in 3QFY23E results and b) steel demand has accelerated in Jul'22 v/s 1QFY23. Inventory is high across the board and working capital has been locked due to high inventory and expensive coal payments.
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Piping hot news
Apple plans manufacturing iPhone 14 in India
Apple Inc plans to start manufacturing iPhone 14 in India about two months after the product's initial release in China, Bloomberg News reported Tuesday. The company has been working with suppliers to ramp up production in India and shorten the lag in manufacturing new iPhones from the typical six to nine months for previous launches, the report said citing people familiar with the matter.
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