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INDEX OUTLOOK : STEADY EARNING SEASON, REMAIN CONSTRUCTIVE ON MARKETS

Amid expectations of mid-single digit PAT growth at Nifty level, for Q4FY25, Adj. PAT growth at Nifty stood at 3.2% YoY.  On topline front, at the Nifty level, growth was high single digit at 7.3% YoY. As against the usual trend of uplifting of earnings by the financials space (Banks & NBFC’s), earnings for this domain were muted in Q4FY25 at negative 3.7% which includes the debacle at IndusInd Bank. At financials excluding IndusInd bank, earnings stood at marginal positive at 2.6% YoY. At Nifty level, Ex-financials, earnings were better this time with 7.2% YoY growth. For manufacturing sub-segment, EBITDA margins remained steady at 19.1% (up 80 bps YoY, down 10 bps QoQ). On MCap segmental front, small caps reported 3.8% YoY adj. earnings growth, broadly in tandem with large cap performance. Mid-caps however outpaced with 15.8% YoY earnings growth amid turnaround at a leading global agro-chemical player and outperformance at PSU banks & Oil Marketing Co’s. For listed universe, Sales/Adj. PAT growth stood at 7.1%/6.4% YoY respectively

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