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January 10, 2022 1:59 PM IST

India Strategy | 3QFY22 Snapshot: Breathless Resilience
Source: IRIS | Jan 10, 2022, 1:30 p.m.

Evaluation: NOPE / 5 stars.
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Nifty gained 24% year-on-year in CY21 despite severe COVID issues and multiple headwinds on the supply side. “In our opinion, strong corporate earnings, strong domestic equity inflows and a very successful vaccination program contributed to the outperformance,” said Motilal Oswal institutional actions.“We expect the 3QFY22 PBT / PAT to increase by 24% / 22% for the MOFSL universe, respectively. Metals, O&G and Financials are expected to contribute 102% of the incremental PAT to 3QFY22,” said the brokerage firm.

Nifty’s sales / EBITDA / PBT / PAT are expected to grow 29% / 17% / 27% / 26% year-on-year in the third quarter, respectively. Nifty FY22E’s EPS improved 2%, while the EPS of Nifty FY23E remained almost unchanged. We estimate Nifty FY24 EPS at Rs 993 “, he added.

Motilal Oswal maintains its OW position on BFSI, IT, Consumer, Metals and Cement. We are neutral on autos and health and maintain UW’s position on energy.

Disclaimer: IRIS has used diligence and caution in compiling data for its website. The information was obtained by IRIS from sources it considers reliable. However, IRIS does not guarantee the accuracy, adequacy or completeness of the information and is not responsible for any errors or omissions or the results obtained from the use of this information. IRIS specifies in particular that it assumes no financial responsibility of any nature whatsoever with regard to any user as a result of the use of the information provided on its website.

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