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Corporate earnings were resilient in April-June 2021 (Q1 FY22) amid Covid-19 resurgence pan-India.
It was primarily driven by limited impact on economic activity wherein corporate India largely operated unabated during the second Covid-19 wave.
This is in comparison to the central government led pan-India total lockdowns in April-June 2020 (Q1 FY21).
At the Nifty index level, excluding financials, net sales decline was limited to 7.5% on a sequential basis (QoQ) with Covid-19 impacted low base in Q1 FY21 making YoY comparison rather redundant.
On the operating profit front, the decline was limited to 6.7% amid ~15 basis points expansion in Ebitda margins to 19.2%.
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