Q3 Earnings Review – Festive Season Brings Limited Cheer; Cost Inflation Impairs Gross Margins: Motilal Oswal

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Overall corporate earnings for Q3 FY22 came in-line with our expectations. However, sectors reported a wide divergence as autos, cement, consumer staples and durables, specialty chemicals, healthcare and metals were impaired by sharp raw material inflation.

Banking, financial services and insurance was the standout sector in this quarter aided by improvements in loan growth and disbursements, while asset quality improved sequentially propelled by moderation in slippages as well as healthy recovery and upgrades.

IT services saw another quarter of robust U.S. dollar revenue growth (up 4.6% QoQ), while the deal pipeline remained healthy and hiring momentum offered further visibility on demand.

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