Q3 FY23 Results Preview - Margins Likely To Expand; Demand Commentary Remains Critical: Axis Securities

Axis Securities Report

We expect the Q3 FY23 earnings season is likely to be a mixed bag. While the season will be led by sequential margin expansion driven by moderation in commodity prices and an uptick in credit growth, the export-oriented themes are likely to be laggards.

We believe the broad-based earnings momentum which remained robust for multiple quarters is likely to take a brief pause in Q3 FY23. Based on our consensus estimates, we forecast Nifty to deliver revenue/Ebitda/profit after tax growth of 15%/9%/8% respectively on a YoY basis.

Furthermore, excluding oil and gas and metals, Nifty revenue/Ebitda/profit after tax is expected to grow by 17%/17%/22% respectively over the same period.

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