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Q1 FY23 Earnings Review – A Tad Disappointing: Yes Securities


BQ Prime’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 BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

For our universe, Q1 FY23 results have been a tad disappointing, wherein revenue meets our estimates (primary due to inflation) and grew by 36% YoY, while Ebitda contracted by 115 basis points YoY versus estimate of 38 basis points expansion.

A miss on Ebitda resulted into profit after tax falling short of our estimate (44% YoY growth versus expectation of 75%). Result overview for NSE 200  topline growth (excluding finance and oil marketing companies) for Q1 FY23 was 42% YoY, while Ebitda margin contracted by 400 bps amid escalating input costs.

Other income (ex-finance, OMC) remained flat YoY basis.

Depreciation rose by 9% YoY, while finance costs climbed by 5% amid benefits of debt reduction and lower interest regime.

Profit before tax rose 8.8% YoY the lowest in last seven quarters dragged by OMC. Excluding OMC profit before tax stood at 23%. Net interest income for banks grew by 14% YoY.

Click on the attachment to read the full report:

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This report is authored by an external party. BQ Prime 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 BQ Prime.

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