India Q1 GDP Review - Growth At 6.7% - Some Signs Of Cyclical Moderation: Nirmal Bang

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Nirmal Bang Report.Gross domestic product growth for Q1 FY25 stood at 6.7% YoY (Bloomberg consensus: 6.8%; our estimate 6.2%). Gross value added growth stood at 6.8% YoY (Bloomberg consensus: 6.4%; our estimate: 6%). Nominal GDP grew by 9.7% YoY in Q1 FY25 versus 9.9% YoY in Q4 FY24 and 8.5% YoY in Q1 FY24. Core GVA growth was steady at 7.3% YoY in Q1 FY25, unchanged from Q4 FY24. The major surprise against our estimate was led by Industry (excluding construction), which grew by 7.4% YoY (estimate: 5.6%) on the back of the manufacturing sector. Services (including construction) grew by 7.7% YoY (estimate: 7.1%), led by construction and Public Administration, defence and other services.Private Financial Consumption Expenditure grew by 7.4% YoY in Q1 FY25 versus 4% YoY in Q4 FY24 and 5.5% YoY in Q1 FY24, likely supported by an election bonanza. Gross Fixed Capital Expenditure stood at 34.9% of GDP in Q1 FY25 versus 33.2% in Q4 FY24 and 34.3% in Q1 FY24, likely supported by private investment. Although, growth remains resilient, we believe that there are signs of cyclical moderation, with GDP growth largely in sync with the long term trend. We have maintained our FY25 GDP forecast at 6.6% while marginally raising GVA forecast to 6.5% after factoring in Q1 FY25 numbers..Click on the attachment to read the full report:.India's Q1 GDP Growth Inline With Expectation; Private Consumption, Investment Pick Up: Anand Rathi.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

India Q1 GDP Review - Growth At 6.7% - Some Signs Of Cyclical Moderation: Nirmal Bang

The brokerage have maintained its FY25 GDP forecast at 6.6% while marginally raising GVA forecast to 6.5% after factoring in Q1 FY25 numbers.

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India Q1 GDP Review - Growth At 6.7% - Some Signs Of Cyclical Moderation: Nirmal Bang

The brokerage have maintained its FY25 GDP forecast at 6.6% while marginally raising GVA forecast to 6.5% after factoring in Q1 FY25 numbers.

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