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Q4 FY22 Earnings Review – In-Line Results; BFSI, Commodities Drive Earnings: Motilal Oswal

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While the global and domestic economic environments were grappling with challenges emanating from multiple fronts (geopolitical conflict, surge in energy prices, raw material inflation, chip shortage, monetary tightening, et al), all eyes were fixed on India’s Q4 FY22/FY22 earnings performance.

Corporate earnings continued to remain healthy in Q4 FY22 and instilled a ray of hope, amid the grim situation plagued by the disruptions mentioned above.

Our universe earnings growth of 21% YoY in Q4 FY22, which was the lowest since Q3 FY21, came on a high base of 99% growth in Q4 FY21.

While the aggregate growth appeared impressive, it was hardly broad-based and driven only by three sectors: banking, financial services and insurance, oil and gas, and metals.

More than half of the incremental growth was steered by BFSI, driven by a modest revival in credit growth and improvement in asset quality trends. BFSI, commodities (metals and oil and gas) and IT accounted for 90% of incremental earnings YoY for our coverage universe.

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