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Q2 FY23 Earnings Review - Marginal Beat In A Tough Backdrop: Motilal Oswal

Corporate earnings for Q2 FY23 were better than our expectations, despite several headwinds, with financials driving the quarter.

<div class="paragraphs"><p>Multiple screen displaying financial data, charts, stock figures. (Source: freepik)</p></div>
Multiple screen displaying financial data, charts, stock figures. (Source: freepik)

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Motilal Oswal Report

Corporate earnings for Q2 FY23 were better than our expectations, despite several headwinds, with financials driving the quarter once again.

The spread of earnings has been decent with 66% of our universe either meeting or exceeding profit expectations.

Markets have bounced back smartly and wiped out the entire year-to-date’CY22 decline. The Nifty is now up ~6% ytd-CY22.

With this rally, Nifty now trades at 22 tmes FY23E, comfortably above the LPA and offers limited upside in the near term, in our view.

We reckon the upside from hereon will be a function of stability in global and local macros and earnings delivery.

In our model portfolio, we maintain our overweight stance on banking, financial services and insurance, auto, consumer and IT and undeweight stance on energy, pharma and utilities.

Click on the attachment to read the full report:

Motilal Oswal Q2FY23 Earnings Review.pdf

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