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Motilal Oswal Report
We anticipate the earnings momentum to continue; albeit, the magnitude of its growth is likely to moderate to ~15% over FY24-26. The corporate earnings scorecard for Q1 FY25 has met expectations, with heavyweights such as HDFC Bank, Tata Motors, ICICI Bank, Maruti Suzuki, and TCS driving the aggregate.
The earnings spread has been decent, with 57% 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 price/earning of 20.1 times, near to its own long-period average of 20.4 times. Industrials and capex, consumer discretionary, real estate, and PSU banks are our key preferred investment themes.
We remain over weight on PSU banks, consumption, industrials, and real estate. We recently raised IT to marginal OW from underweight, while we cut auto from OW to UW. We also turned OW on healthcare from Neutral, while maintaining our UW stance on private banks and energy within our model portfolio.
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