Q3 FY 21 Earnings Review By Yes Securities
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NSE 200 Companies
* PBT growth of NSE200 stood at 53% y/y and excluding Financials and Telecom at 41%. Revenue de‐growth (ex‐finance) at 0.4% – significantly better than the preceding quarters of FY21, thanks to strong volume recovery in both urban and rural markets on sequential basis, accompanied with sustained price hikes.
* Higher realization on sales, effective cost management and improving economies of scale resulted into EBITDA (ex‐finance) growth of 26.5% growth y/y
* Consensus FY22 Nifty50 EPS witness further upgrades, this comes after a healthy upside revision during Q2 earnings results. Sequential earnings upgrade has been quite rare, the first time since Q2 FY15.
* Steel stocks, CV players and select PSU banks see major EPS upgrades for FY22. Consumer facing companies like Aviation, Hotels and Retail get an EPS downgrade
* Interest coverage ratio for NSE200, improved to 4.7x, depicting the most favorable situation for enterprises in last 12 quarters
Y‐Sec Coverage Universe (ex‐Financials)
Sales grew by 6.2% y/y, matching our estimate of 6.3% y/y, while EBITDA improvement of 248bps was much better than our expectation of 184bps. This translated into a PAT growth of 39%y/y growth, exceeding our estimate of 29% y/y. PAT Including financial grew at 19.3%y/y, when compared with our estimate of 16.1%.
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