Q1 Interim Results Review – Inline; Domestic Cyclicals Igniting Resilience: Motilal Oswal

Motilal Oswal Report

The corporate earnings scorecard for Q1 FY25 has been in line so far, with heavyweights such as HDFC Bank, Tata Motors, ICICI Bank, Maruti, and TCS driving the aggregate.

The earnings spread has been decent, with 63% of our coverage universe either meeting or exceeding profit expectations. However, growth has primarily been led by the BFSI and Auto sectors.

The Nifty is trading at a 12-month forward P/E of 21 times, at a 3% premium to its own long-period average. Industrials and capex, consumer discretionary, real estate, and PSU banks are our key preferred investment themes. We remain overweight on PSU Banks, consumption, industrials, and real estate.

As of August 01, 2024, 163/39 companies within our Universe/Nifty announced their Q1 FY25 results. These companies constitute:

1. 76% and 80% of the estimated PAT for ours and Nifty universe, respectively;

2. 48% of India's market capitalization; and

3. 86% weightage in the Nifty.

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