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Yes Securities Report
For our universe, Q1 FY23 results have been a tad disappointing, wherein revenue meets our estimates (primary due to inflation) and grew by 36% YoY, while Ebitda contracted by 115 basis points YoY versus estimate of 38 basis points expansion.
A miss on Ebitda resulted into profit after tax falling short of our estimate (44% YoY growth versus expectation of 75%). Result overview for NSE 200 topline growth (excluding finance and oil marketing companies) for Q1 FY23 was 42% YoY, while Ebitda margin contracted by 400 bps amid escalating input costs.
Other income (ex-finance, OMC) remained flat YoY basis.
Depreciation rose by 9% YoY, while finance costs climbed by 5% amid benefits of debt reduction and lower interest regime.
Profit before tax rose 8.8% YoY the lowest in last seven quarters dragged by OMC. Excluding OMC profit before tax stood at 23%. Net interest income for banks grew by 14% YoY.
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